Transaction Overview
George Smith Partners placed the $43,281,000 non-recourse cash-out permanent loan for 360 stabilized units in a secondary California market. This represented a substantial return on equity. Loan proceeds were increased post application as the supportable underwritten net cash flow improved during the due diligence process. Occupancy constantly operated at 98% with future increases forecasted at unit turn. Fixed for ten years at 3.66%, the non-recourse loan is interest-only for five years prior to amortizing over 30 years for the balance of the term.
