Transaction Overview
George Smith Partners successfully closed a $27,100,000, 10-year fixed-rate loan on 11 apartment buildings in Baldwin Hills, California. Several of the assets were too small to finance individually so all properties were cross-collateralized in order to achieve the best pricing across all properties. Baldwin Hills is an improving neighborhood with rapidly increasing values which allowed the lender to maximize the loan amount. The lender was able to push proceeds to provide a return of equity to the Sponsors and pay for future seismic retrofits. The 4.06% coupon was locked at application for 60 days at no cost. The non-recourse loan is fixed for seven years with a 30 year amortization.
