Transaction Overview
George Smith Partners successfully placed a $6,500,000 non-recourse permanent loan on a 36-unit, Class B Apartment community located in West Los Angeles. The loan provided a $5,000,000 return of equity to the Sponsor. Fixed for five years at 3.10%, the loan is interest only for the full five-year term, allowing the Sponsor to maximize cash flow. A free 120-day rate lock was provided at application, which was extended an additional 10 days as a courtesy from the Lender to the Sponsor. Loan documents were minimal and inexpensive, with the lender requiring only an appraisal, survey, and environmental database review. Total lender closing costs were $7,500.
