First Trust Deed
Rate: 8.90% Fixed
Term: 12 months with One 6-month Extension Option
LTV: 65%
Amortization: Interest Only
Origination Fee: 1.00%
Exit Fee: None
Prepayment: Open
Guaranty: Non-Recourse
Second Trust Deed
Rate: 13.50% Fixed
Term: 12 months with One 6-month Extension Option
LTV: 65% – 85%
Amortization: Interest Only
Origination Fee: 3.00%
Exit Fee: None
Prepayment: 6 Months Minimum Interest
Guaranty: Non-Recourse
Blended Debt
Rate: 9.98% Fixed
Term: 12 Months with One 6-month Extension Option
LTV: 85%
Amortization: Interest Only
Origination Fee: 1.47%
Exit Fee: None
Guaranty: Non-Recourse
Transaction Description:
George Smith Partners successfully closed a 1st and 2nd Trust Deed at 85% of the purchase price for unentitled land in the Koreatown neighborhood of Los Angeles, CA. The two loans have a blended rate of 9.98% for the twelve-month initial term. The Sponsor will have a six-month extension option available. GSP was able to identify two lending sources, to maximize leverage, who understood the market and the demand for multifamily development in this location.
Advisors
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Steve Bram
Managing Director & Principal / GSP Co-Founder
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David R. Pascale, Jr.
Senior Vice President
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Allison Higgins
Senior Vice President
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Nick Rogers
Vice President
Related Financings
- No related financings.
