Transaction Overview
George Smith Partners facilitated a $1,850,000 non-recourse cash-out refinance for a 72,471 square foot commercial condominium comprising 4 levels of public parking and storage within a 38-story residential high-rise in Downtown Los Angeles. The property had negative cash flow history during COVID. GSP demonstrated sustainability of the net operating income through the sponsor's management of adjacent commercial spaces nearing stabilization. The transaction achieved the borrower's primary goal of lowering capital costs (from 9% to 5.14% fixed) while providing $350,000 in liquidity proceeds.
