George Smith Partners successfully arrange the low-leveraged refinancing of a 39 unit Los Angeles multifamily. Approximately $900,000 of equity was recaptured through this transaction, yet monthly debt service still improved from the prior 5.15% priced loan. Sized to 55% leverage; the Sponsor requested prepayment flexibility to allow for future equity draws or a sale if desired. The 10 year term is fixed at 3.86% and allows for three years of interest only payments before amortizing over 30 years for the remaining seven year term. Prepayment is fixed and steps down from 5% every two years for this non-recourse loan.
