Transaction Overview
GSP secured $8,025,000 in proceeds for the cash out refinance of two adjacent multifamily properties totaling 59 units in Los Angeles. The loan is fixed for the first 7 years and offers 3 years of interest only payments. Due to market conditions at the time of application, the Borrower was able to fix the rate for a 7 year term while paying almost no premium compared to a 5 year term. Since acquisition, the Borrower has renovated and re-leased a significant number of units and added utility reimbursements. The selected Lender was able to give the Borrower maximum credit for the higher income at the Property. Final underwritten cash flow allowed for an increase in proceeds compared to the original term sheet. The loan closed in about 40 days despite the intervening holidays.
