Transaction Overview
George Smith Partners secured $2,300,000 for the cash-out refinance of a 23-unit stabilized multifamily property in Cypress, CA. Constructed in 1988 the property is located in close proximity to Cypress College. Fixed at 3.87% for seven years, the non-recourse loan floats at 6-month LIBOR + 2.35% for the remaining 23-year term. The non-recourse loan is fully amortizing and has a 5,4,3,2,1 step down prepayment penalty.
