Transaction Overview
George Smith Partners successfully placed the cash-out refinanced a 15 unit multifamily asset located in the heart of Burbank, walking distance from Burbank Town Center. The 8,140 square foot property had been acquired less than a year ago and received renovations to 6 of the 15 units as well as cosmetic improvements to the exterior. Mr. Yazdi secured 80% of current value, allowing a majority return of cash equity. Fixed for 5 years at 3.22%, it rolls to a LIBOR based floater plus 2.75% for the next 15 years, amortized over 30 years. There was no lender origination fee for this non-recourse loan.
