Transaction Overview
Shahin Yazdi successfully refinanced the 35 unit multifamily rental property located in West Hollywood, California. The 26,051 square foot property was purchased by the Sponsor one year ago from a distressed seller: limited operating history was available to our Client at the time of acquisition. This execution netted just under 100% of the initial purchase price despite the lack of seasoning – full occupancy was realized just prior to close. Located in a premier section of West Hollywood, the high quality upgrades mitigated most of the lenders’ concerns and justified the return of capital. Sized to 70% of current value, fixed for 7 years, the self-liquidating loan will float at LIBOR + 2.05% for the remaining 23 years of the term. Prepayment features a step-down for the first five years with no penalty thereafter.
