Transaction Overview
GSP placed a 65% LTV refinance of an 87 unit multifamily property in Los Angeles. The Sponsor needed to pull cash out within 5 days to purchase a new opportunity. The Property had just been renovated to add retail space which has yet to be leased. GSP quickly identified a relationship capital provider who was comfortable with the Property and could close within 5 days on a sizable multifamily property with vacant retail. This type of transaction would usually also have a higher interest rate, but because of GSP’s relationship we were able to lock in 6.9% for 1 year.
