Rate: 3.30% Fixed for 7 Years, Floating Thereafter at S+2.25%
Term: 30 Years
Amortization: 3 Years Interest-Only
LTV: 70%
DSCR: 1.20x
LTC: 85%
Guaranty: Non-Recourse
Transaction Description:
George Smith Partners secured permanent financing for two newly renovated/repositioned Class C apartment communities in San Diego. Two separate loans were originated for the same Sponsor for the 14-unit and 5-unit multifamily communities.
The Properties were in the process of being completed and leased when the Borrower went under application with a bank. Despite the longer than normal application process and rising interest rate environment, GSP was able to get the bank to extend the rate lock and obtain a favorable coupon.
Related Financings
- No related financings.
