Recent Closings in Our Pacific Northwest Office!

$7,900,000 Fannie Mae Floater (4.066% Start Rate!) for 91-Unit Apartment Complex in West Los Angeles: GSP, through our correspondency with ARCS Commercial Mortgage, has arranged Fannie Mae financing for this fully stabilized multi- family property located near UCLA. Over 40% of the units are fully furnished "corporate suites" on short-term leases. The property has historically maintained occupancy levels in the 95% range. Amenities include: rooftop pool, sauna/Jacuzzi, fitness center, etc. Borrower chose the "non-convertible" floating rate with a 4.50% lifetime cap because of the low start rate and pre-payment flexibility. Fannie Mae now offers lifetime caps ranging from 3.00% - 4.50% above the start rate. Inverse relationship: borrower receives a lower start rate and spread as the lifetime caps go up. Call GSP for more details on Fannie Mae's floating rate "menu." Terms: (1) Rate: 4.066% Start; (2) Spread: 3 Month LIBOR + 2.17%, (3) Lifetime Cap: Start rate + 4.5%; (4) Tier 3; (5) LTV: 60%; (6) DCR: 1.35; (7) Term/Amort: 10/30; (8) Non-recourse; (9) Lender Fee: 1.0%. (Andrew Levant)

$4,416,000 (70% of Cost) for Art Deco (1930's Vintage) Creative Office Building in Hollywood, California: GSP has arranged acquisition financing for this historic art deco building with a local bank. The process took approximately 30 days from application to funding in order to accommodate scheduled COE. Property Specs: 2 stories; 44,000 s.f.; high ceilings; exposed concrete floors/ceilings; 100% occupied; 7 tenants; storied entertainment history. The property contains a large parking lot on which the borrower intends to construct 40 live work/lofts and a parking structure. Inclusive with the financing, is a pre-arrangement to provide construction financing for the future development component. Terms: (1) "A/B Structure": A piece: $4,160,000, B piece: $300,000; (2) Rate: Prime + 0.75% for both tranches (no floor, 10.25% ceiling); (3) Term/Amort: A piece: 7/25, B piece: 5/5; (4) LTV: 70%; (5) DCR: 1.50; (6) Lender Fee: 0.5%; (7) Recourse; (8) Prepayment: A piece: 3,2,1,0,0,0,0; B piece: prepayable at any time. (Andrew Levant)

$10,200,000 Acquisition Financing for 112,000 s.f. Multi Tenant Office Building on Leashold: GSP has arranged acquisition financing for this 8 story, 1974 built, 100% occupied (30 tenants) office building in Anchorage, Alaska. The building is part of a 200,000 s.f. office complex in midtown Anchorage. The unsubordinated ground lease is extremely convoluted and has approximately 50 years remaining. A CMBS lender provided the financing and closed at the applied for terms in a short time (45 day close). Terms: (1) Rate: 10 year T + 2.25% (Original rate was + 2.15%, but borrower paid an additional 10 bps. for inclusion of a yield maintenance in addition to the standard defeasance language); (2) LTV: 75%; (3) DCR: 1.50; (4) Term/Amort: 10/25; (5) Non-recourse; (6) Lender Fee: par. (J. Jay Brooks, Jan Hood)