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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
4.75% |
| 11th District |
2.744% |
| 3 Mo. T’s (YTM) |
1.75%
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| 6 Mo. T’s (YTM) |
2.01% |
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| 5 Yr. U.S. T’s |
4.60% |
| 10 Yr. US T’s |
5.20% |
| 30 Yr. US T’s |
5.67% |
| 12-MAT |
2.912% |
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| LIBOR - 1 mo. |
1.87% |
| LIBOR - 3 mo. |
2.01% |
| LIBOR - 6 mo. |
2.31% |
| LIBOR - 1 yr. |
2.95% |
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| Tier 2+ (80% LTV) |
6.90% |
| Tier 3+ (65% LTV) |
6.72% |
| Tier 4+ (55% LTV) |
6.51% |
| 10 yr. term/30 yr. amort. |
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TRANSACTIONS OF THE QUARTER!
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$33,000,000 Non-Recourse Bridge Financing for Newly Built Limited Service Hotel (68.3% LTV, Funded in 3 Weeks): GSP has arranged financing for this 1½ year old, flagged hotel located within walking distance to Old Town Pasadena. This well positioned property has enjoyed stellar performance since opening and benefits from the year-round special events in the area (i.e. Rose Bowl & Parade, etc.). Property specs: New construction, opened July 2000, 314 rooms, limited food service, pool, spa, gym, meeting spaces, cocktail lounge. Timeline: application signed 3/8, commitment issued 3/22, loan funded and closed 3/29. Purpose of Financing: Pay off construction loan, buy out original equity partner. Terms: (1) Rate: 90 day LIBOR + 4.50%, no floor or cap; (2) LTV: 68.3%; (3) DCR: 1.50; (4) Term/Amort: 3/22; (5) Non-recourse; (6) Prepayment: 3-2-0; (7) Lender Fee: 1.0%. (Andrew Levant)
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| $8,900,000 Acquisition Financing for 85,000 s.f. Auto Service Oriented Unanchored Retail Center for Tenants-in-Common Borrowing Structure: 10 of the 25 tenants in this 10 building retail center are automobile related-including general repair shops, brake service, car stereo sales/installation, oil/lube service, motorcycle service, etc. The remaining tenants are a mix of fast food, home repair and other local businesses. The property is truly "unanchored" as no tenant occupies more than 8% of the total space. Occupancy: 95%. GSP arranged permanent acquisition financing while Phase 2 remediation work was being completed (at an on-site dry cleaner and car service bay). Lender required environmental insurance to mitigate future risk on the site due to ongoing auto work in the center. Borrowing entity consisted of 12 non-SPE tenants-in-common with post closing transfers negotiated in advance. Terms: (1) Rate: 7.40% (5 year T Bill + 3.05%); (2) Term/Amort: 5/30; (3) LTV: 70%; (4) DCR: 1.35; (5) Non-recourse; (6) Lender Fee: Par. (Steve Bram, David R. Pascale, Jr., John Lopez) |
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| $2,329,000 Fannie Mae Floater (5.58%) for 32-Unit Apartment Complex in Studio City: GSP has arranged an adjustable rate "cash-out" refinance for this early 60's vintage, garden style apartment building. Occupancy: 100%. Our borrower chose the "non-convertible" Fannie Mae LIBOR based option that is priced 10 bps lower (for all tier levels) than the convertible option. Note: convertible loans can be changed to fixed rate during the loan term. Terms: (1) Start rate: 5.58% (8.58% lifetime cap); (2) Tier 3+; (3) Term/Amort: 10/30; (3) LTV: 65%; (4) DCR: 1.35; (5) Prepayment by year (Locked, 2.50%, 2.25%, 1.75%, 1.25%, 1.00%, 1.00%, 1.00%, 1.00%, 1.00%); (5) Non-recourse; (6) Lender Fee: 1.0%. (Andrew Levant, Shlomi Ronen) |
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HOT MONEY
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| GSP Rifkind Capital Advisors Announces A New Allocation Of Funds: GSP/Rifkind Capital Advisors is the alternative financing division of GSP. As you have been reading for years, GSP/Rifkind funds creative projects that do not fit the "normal" lender box. One of our private funds has allocated an additional $50,000,000 to GSP/R to put out in creative real estate projects. This first trust deed private loan fund is looking for projects from $2,000,000 to $25,000,000 that requires quick response times and assurance of close. This program is ideal for: Special purpose real estate, land intensive deals, business M & A transactions where real estate is a component; discount note purchases, value added bridge loans and more. This fund will go nationwide including Hawaii. Please call David Rifkind (ext 111) or David Ellis (ext 211) for more information. GSP/Rifkind is also pleased to announce in excess of $30,000,000 in newly closed transactions. Stay tuned for details of these unique transactions in upcoming issues of FinFax. |
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| Office Space Available in GSP Offices: GSP has expanded our headquarters office in Century City because we have added additional origination staff. A few additional offices are available to others for sub-lease in this expanded space. Interested parties should contact GSP President- Steve Bram, (sbram@gspartners.com or ext. 104). |
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| * GSP is an L.A. correspondent for ARCS Commercial Mortgage, the nation's largest FNMA/DUS originator. |
| Note: Lender pricing and loan points are subject to change and exclude GSP loan placement fees. |
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