Transaction Overview
George Smith Partners successfully arranged the cash-out refinance of a three-property multifamily portfolio in Los Angeles County. GSP worked with the Borrower to rearrange his cash flows and expenses that were spread across a larger 10-property portfolio to break out the true operations of three buildings. GSP identified a fixed rate lender that could provide a non-recourse loan with approximately $1,000,000 return of equity to the Sponsor. The 5-year bank loan is fixed at 3.40% and is 65% of appraised value.
GSP worked with the Lender on the underwriting and maximizing the cash flow of the Property to provide the Sponsor with the additional $1,000,000 used for future real estate acquisitions. GSP helped the Sponsor throughout the entire refinance process including the payoff of the previous loan.
