Transaction Overview
George Smith Partners placed the non-recourse senior debt for the cash-out refinance of an 18 Unit Live/Work loft project in Oxnard, California. Acquired by our Sponsor less than a year prior to this refinance, the subject was stabilized only five months ago. Shahin identified a capital provider who was able to structure a loan to 100% of total costs, limited to 75% of the current value. Fixed for 5 years at 4.10%, the loan provides for interest only during this fixed term prior to floating for the remaining 10 years of the term at LIBOR + 275.
