$13,400,000 ($6,000,000 Cash Out) - FINfacts

KEY RATE INDICES

FANNIE MAE RATES *

Prime Rate	4.75%
11th District	3.074%
3 Mo. T’s (YTM)	1.77%
6 Mo. T’s (YTM)	1.89%

5 Yr. U.S. T’s	4.31%
10 Yr. US T’s	4.87%
30 Yr. US T’s	3.31%
12-MAT	3.260%

LIBOR - 1 mo.	1.87%
LIBOR - 3 mo.	1.90%
LIBOR - 6 mo.	2.04%
LIBOR - 1 yr.	2.46%

Tier 2+ (80% LTV)	6.68%
Tier 3+ (65% LTV)	6.50%
Tier 4+ (55% LTV)	6.30%
10 yr. term/30 yr. amort.

TRANSACTIONS OF THE WEEK!

$13,400,000 ($6,000,000 Cash Out) Refinance for 140 Unit Apartment Complex-Floating Rate Starting at 5.45%: GSP has arranged financing for this garden apartment complex built in the early 1960's with a regional portfolio lender. The property is located in a high demographic submarket in Northern Los Angeles County (97% occupancy). The borrower has upgraded the premises many times over a 25+ year period of ownership. Prop. Specs: 33 separate 2 story buildings, 9 acres, 2 pools, Jacuzzi, gym, clubhouse, tot lot, laundry rooms. Unit specs: 1 Bedr. (700 s.f), 2 Bedr. (1100 s.f.), 3 Bedr. + Den (1280 s.f.), 3 Bedr. townhomes (1350). Property is 95% occupancy as some units are being renovated at present. Lender increased proceeds from application amount ($12,000,000) based on strength of property, borrower history, and higher than expected appraised value (new move in rents at the property exceeded proforma during loan processing). In order to reach the loan amount, the lender used pre-1978, Prop 13 property taxes, which are only 25% of present assessed value taxes. By using actual cash flow, actual expenses and a 1.20 DCR, this portfolio lender was able to truly provide "max dollars". Terms: (1) Rate: 6 month LIBOR + 2.40% (5.45% floor); (2) Term/Amort: 10/30; (3) LTV: 75%; (4) DCR: 1.20; (5) Non-recourse; (6) Lender Fee: par; (7) Prepayment: 1,1,1, open to pre-pay after year 3 at par.(Mike Gottlieb)

$2,000,000 Non Recourse "Spec" Construction Loan for Phase 1 of a Coachella Valley Industrial Park: GSP has arranged financing for the construction of the first 2 buildings (34,000 total s.f.) plus the initial grading of 2 pads, of a planned 10 building Industrial Park located in the Coachella Valley Enterprise Zone. The zone offers state tax benefits to tenants in the property. Each warehouse/office building will house 3-4 tenants. The development group had already purchased the entire land parcel and obtained entitlements prior to loan submission. The group was comprised of several high net worth individuals led by an experienced developer. The lender required no pre-leasing. Ultimately, because of the low LTC/LTV, 3.0% sub market vacancy and the makeup of the borrowing entity, a non recourse loan was approved at the following terms: (1) Rate: Prime + 1.50%; (2) Term: 12 months; (3) LTV: 51%; (4) LTC: 61%; (5) DCR: 1.36(based on projected stabilized cash flow); (6) Lender Fee: 1.50%.(Gene Brunkhardt, Jim Neuman)

$3,550,000 Acquisition Financing for 34,000 s.f. Non-Grocery Anchored Retail Center: This transaction was financed with the single tenant division of a CMBS lender. An investment grade office supply retailer occupies a 24,000 s.f. stand-alone "big box". An adjacent 10,000 s.f. building contains space for 6 inline tenants. The just completed property is located within a 280 acre master planned business park, located near the downtown area of a major Sun-Belt city. Eventual buildout: over 2 million square feet. The land was only recently entitled for development. The inline space is 50% leased on the subject property. Our borrowers are in no hurry to complete leasing as they plan to wait for further development in the business park to maximize income. The lender underwrote the transaction based upon the anchor credit (15 year lease). Terms: (1) Rate: T + 2.40%; (2) Term/Amort: 10/30; (3) LTV: 65%; (4) DCR: 1.33; (5) Lender Fee: par; (6) Non recourse. (Steve Bram, David R. Pascale, Jr., John Lopez)

Congratulations are in order to GSP's Neico Torres and Lee Norman!!

We are proud to announce the arrival two beautiful young baby girls this week. Neico Torres and husband Tony welcomed Mia Antonia Torres into the world: (1) Birthdate/time: February 26, 2002, 1:48 p.m.; (2) Weight: 10 lbs, 3 oz; (3) Length: 22 inches; (3) She joins older sister Alana. Lee Norman and wife Jane welcomed Mary Laura Norman: (1) Birthdate/time: February 22, 2002, 11:00 a.m.; (2) Weight: 7 lbs, 7 oz.; (3) She joins older sisters Grace and Claire. (both moms are resting comfortably)

* 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.