Transaction Overview
GSP successfully placed the cash out refinance of a Los Angeles mixed-use asset with a regional bank. The property is a combination of 37 residential rental units with four ground floor commercial tenants. The new loan floats for 5 years at WSJ Prime + 1.00%, with a floor rate of 4.85%. The financing was constrained by a 1.20 DCR and 70% LTV. The new loan retires an existing bank loan, and allowed the sponsor to recoup monies invested on recent renovations. Constructed in 1914, the age and mixed-used nature of this asset made it difficult to identify a lender willing to remit the return of equity.
