Transaction Overview
George Smith Partners successfully sourced $9,177,000 in non-recourse first mortgage financing on an 80-unit, 99% occupied multifamily community located in a Northern California agricultural market from a regional portfolio lender. Sized to 70% LTV, the loan has a 30-year term and is fixed for seven years at 3.50% then floats at 6 Month LIBOR rate + 2.35%. This cash out refinance has four years of Interest Only payments in order to maximize cash flow before converting to a 30-year amortization schedule, and is open for prepayment after Year 6 of the loan term. The loan has no tax, insurance, or capital reserve impounds.
