George Smith Partners secured the acquisition debt for a 14 Unit apartment building in East Hollywood, California. A portfolio capital provider was identified who would offer three years of interest only amortization prior to rolling into a 27 year amortization schedule. Fixed for 5 years at 3.42%, the loan self-liquidates and will float for the remaining 25 years at LIBOR + 235. A shortened 3-2-1 step-down prepayment schedule was also structured. The loan closed within 45 days to accommodate the purchase escrow.
