Ameet Chagan successfully placed the acquisition financing for a 52 unit class C multifamily property in the Southwest. The Sponsor had a tight closing window and needed full leverage non-recourse financing. GSP identified a national capital provider who quickly underwrote the asset can closed in 45 days from being introduced to the transaction. By structuring a 5 year term, GSP achieved a loan that maximized proceeds on a lower debt coverage threshold. The inclusion of 1 year of interest only allowed the buyer to maintain an attractive first year cash-on-cash return while they look to enhance the existing cash flow through improved management. Fixed at 3.80% for five year, the non-recourse loan was sized to 75% of the acquisition price.
