|
|
|
| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
4.75% |
| CODI* |
1.162% |
| 3 Mo. T’s (YTM) |
1.71%
|
| 6 Mo. T’s (YTM) |
1.99% |
|
| 5 Yr. U.S. T’s |
3.36% |
| 10 Yr. US T’s |
4.09% |
| 30 Yr. US T’s |
4.86% |
| 12-MAT |
1.522% |
|
| LIBOR - 1 mo. |
1.84% |
| LIBOR - 3 mo. |
2.01% |
| LIBOR - 6 mo. |
2.17% |
| LIBOR - 1 yr. |
2.44% |
|
|
| Tier 2+ (80% LTV) |
5.27% |
| Tier 3+ (65% LTV) |
5.13% |
| Tier 4+ (55% LTV) |
4.99% |
| 10 yr. term/30 yr. amort. |
|
|
|
|
|
TRANSACTION OF THE WEEK
|
$38,050,000 for Land Acquisition and Non-Recourse Construction Financing for “The Tuscany”, Student Housing/Retail Project Adjacent to USC: GSP has arranged both a land acquisition loan and an 87% of cost, non-recourse construction loan for this mixed use, student housing project located directly across from the main entrance of USC. The Tuscany will feature 120 student housing units (512 beds) on 4 stories above ground floor retail (also two subterranean parking levels). The units will be a mixture of 2, 3 and 4-bedroom student apartments: each bedroom has its own dual sink bathroom; units include common living areas, kitchens and balconies. All units will have free Dish Network satellite television and multiple T3 internet connections. Common amenities: swimming pool, saunas, jacuzzi, study lounges, rec rooms, etc. The 10,000 s.f. of retail is pre-leased to the Coffee Bean, Quizno’s, Pick Up Stix and Cold Stone Creamery. According to Gary M. Tenzer, EVP of GSP, “Frankly, Tuscany will be so nice, I am afraid some of the students will purposely fail classes so they can spend another year living there.”
Financing Summary
Land Acquisition Loan Terms: (1) Loan Amount: $3,150,000; (2) Pricing: Prime + 1.0%; (3) Loan to Cost: 65%; (4) Term: 24 months; (5) Amort: Interest Only; (6) Lender Fee: 1.0%; (7) Recourse.
Construction Loan Terms: (1) Loan Amount: $34,900,000; (2) Pricing: 90 day LIBOR + 3.75%; (3) LTC: 87%; (4) LTV: 70%; (5) Loan Term: 24 months + extension options; (6) Amortization: Interest Only; (7) Non-recourse; (8) Lender Fee: 1.0%. (Gary M. Tenzer, Greg Walden)
|
|
|
| $11,750,000 Senior for Acquisition of 24-Acre Beach Front Parcel for To-Be-Built 324 Unit Condominium Project in Kauai, Hawaii: GSP has arranged senior debt for the acquisition of 24-acres of beachfront property on the island of Kauai. The property has only been transferred twice in its history, once down the king and now to our client. The site is unique on the island of Kauai in that it is zoned for the intended residential use, while the majority of property is zoned for agricultural uses and must undergo a zone change to be developed. However, the property was closed on without several necessary permits including an SMA (Special Management Area) Permit. Despite not being a fully entitled project, GSP was able to secure Senior Financing with the following terms: (1) Loan Amount/Loan-to-Cost: $11.75 million on a purchase price of $13.50 million and predevelopment capitalization of $18 million representing 65% loan to cost (2) Rate: 10% rate interest only (3) Lender Fee: 4 .0% (4) Term: 12 month term with two 6-month extension options. Loan included 12-month fully funded interest reserve, and all fees. (5) Reserves: $1.5 million entitlement “hold-back” until the SMA permit is attained, which is expected within 60-days. (6) Recourse: Full recourse to the borrower. The project will ultimately cost $200 million dollars, and contain 324 luxury condominium units. (Noah Hahn, Steve Bram) |
|
GSP's NEXT GENERATION OF BROKERS
|
|
As part of our continuing series profiling GSP's "Next Generation" of Brokers…
GSP Welcomes Mike Sullivan: Mr. Sullivan joined GSP in March 2004. Prior to GSP, Mike was a portfolio manager and leasing agent at The Charles Dunn Company. Mike completed his Bachelor’s Degree at UCLA, where he studied History and Finance. He is a former collegiate water polo player, and an avid golfer. GSP congratulates “Sully” and his future wife, Stephanie, on their recent engagement. Mike Sullivan can be reached at ext. 211 or msullivan@gspartners.com.
|
|
10th Annual GSP Real Estate Luncheon
(To Benefit the A-T Medical Research Foundation)
SAVE THE DATE!
Wednesday,November 17, 2004
| The 10th Annual GSP Real Estate Luncheon to benefit the A-T Medical Research Foundation will be held on Wed., November 17th at the Century Plaza Hotel. |
FEATURED GUEST SPEAKER
John E. Anderson
President & Sole Shareholder, Topa Equities, Ltd.
Online Registration Begins October 1st at www.gspartners.com
|
|
|
|
If you have received this e-mail in error, wish to change your e-mail address or want to be removed from our list, click here. |
|
|
|
|
