Transaction Overview
George Smith Partners successfully sourced the acquisition debt for the purchase of a 16 unit brick multifamily property located in Mid City, Los Angeles. The 10,252 square foot property had one vacancy and had recently received numerous upgrades to the plumbing, electricity and roof. Sized to 75% of the purchase price, the loan is fixed for 5 years at 3.925% before floating at 6 Month LIBOR + 2.40% for the remaining 5 year term. Mr. Yazdi secured 3 years of interest only with a step down prepayment penalty for the first 2 years of the loan. The non-recourse loan closed in 30 days.
