Transaction Overview
GSP successfully placed the 72% of purchase acquisition debt on an early 2000’s vintage, 169-unit multifamily property in Northeastern New York State. The $27,100,000 non-recourse senior note consisted of an initial funding of $23,800,000 and a $3,300,000 future funding for capital improvements. Located in a secondary market, the subject property lacks easy access to major employment centers or transportation hubs. Interest Only for three years, the interest rate floats at LIBOR plus 3.00% with a 3.20% floor. The Sponsor purchased a 3-year cap at close with a LIBOR strike price of 2.0%.
