George Smith Partners facilitated a cash-neutral permanent refinance for a 12-unit apartment building in Los Angeles. A national bank provided enough proceeds to pay off the in-place loan plus fees. The loan features 5 years of interest-only payments on a 7-year fixed-rate term with non-recourse financing and no rate premium compared to recourse loans. The deal closed in just 26 days from application. Due to current market conditions where many regional banks stopped lending, GSP had to expand its list of capital sources to identify alternative financing solutions.
