Transaction Overview
Transaction Description_:_ GSP placed the cash-out refinance of a four-asset, San Fernando Valley multifamily portfolio totaling 91 units. The Borrower requested a single loan for the non-contiguous assets, replacing the multiple loans that were encumbering the properties. The new debt allowed the Sponsor to retire a 6% loan and return over $500,000 of equity while simultaneously improving the cash flow after debt service by a significant amount. The new loan is fixed for 5 years at 3.625% and adjusts for the remaining 25 years of the 30 year term, limited to a 1.20 DCR and 75% LTV. GSP was able to secure the Borrowers’ requested single fixed-rate loan with a flexible prepay options.
