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Perm Loan Debt for Two Multifamily Communities; San Diego, CA

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.


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