Transaction Overview
George Smith Partners secured the $2,000,000 non-recourse acquisition loan for a 14-unit value-add multifamily property in Los Angeles. Our Sponsors are highly experienced owners & developers of retail and multifamily properties in Southern California. The subject property is well-maintained although a number of tenants are paying rents 7% to 41% below market. Emphasis was placed on our Sponsor’s considerable experience unlocking the value of multifamily properties through re-leasing and capital improvements. One year of Interest-Only was secured prior to rolling into a 30 year amortization schedule. Fixed at 3.30% for the first five year term, the loan will float at 6 month LIBOR + 2.75% thereafter.
