Transaction Overview
George Smith Partners successfully arranged the cash-out, full-term interest only refinance of a 260-unit multifamily community in the Coachella Valley. The 10-year fixed rate loan priced at 3.75% with 65% of the appraised property value. The Property is a Class-A, apartment community built in 2010 located on 20 acres and consists of 32 buildings. The units are spacious and contemporary and contain a mix of 1,2 and 3-bedroom units. Most of the units include attached garages with direct access. Amenities include three resort style pools, spas, a tennis court and a putting green. The clubhouse features a full chef’s kitchen available for residents, large dining and gathering area and fitness studio. GSP worked with the Capital Provider on the underwriting in order to push maximum loan proceeds and assisted with the defeasance process on the Sponsor’s existing loan which was arranged by GSP in 2013.
