$93,955,000 Multifamily Permanent Loan in Western States

George Smith Partners successfully closed a 50-property refinance of apartments for workforce housing located mostly in California. GSP arranged the financing with one of its correspondent lenders in its newly formed mortgage banking group. This lender provided a 30-year term loan with the rate set for the first 20 years and the flexibility of prepaying or resetting the rate for the remaining 10 years. The loan allowed for substitution of collateral and partial paydowns for added flexibility. The lender also allowed for a delayed rate lock, required limited third-party reports and underwrote to a 1.25 DCR. The loan provided substantial cash out. The Sponsor has been a GSP client for over 30 years.