Transaction Overview
George Smith Partners secured $3,987,000 for the refinance of a multifamily building located in Downtown Phoenix, AZ. The Sponsor originally purchased the property as a two-story building. Since acquisition, the Sponsor added a third story to the existing structure, increasing the total unit count by 55%. Along with the addition, they renovated all the units to maximize the property value. The Property sits in a fantastic location, walking distance from a wide variety of restaurants and entertainment, and Arizona State University’s Downtown Campus. The non-recourse financing is fixed at a 3.18% rate for 7 years. The 70% LTV financing provided a return of all initial equity invested.
