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| KEY RATE INDICES |
FANNIE MAE RATES * |
| Prime Rate |
6.50% |
| CODI* |
1.693% |
| 3 Mo. T’s (YTM) |
3.53%
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| 6 Mo. T’s (YTM) |
3.75% |
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| 5 Yr. U.S. T’s |
3.90% |
| 10 Yr. US T’s |
4.04% |
| 30 Yr. US T’s |
4.31% |
| 12-MAT |
2.865% |
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| LIBOR - 1 mo. |
3.69% |
| LIBOR - 3 mo. |
3.88% |
| LIBOR - 6 mo. |
4.08% |
| LIBOR - 1 yr. |
4.40% |
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| Tier 2+ (80% LTV) |
5.17% |
| Tier 3+ (65% LTV) |
5.03% |
| Tier 4+ (55% LTV) |
4.90% |
| 10 yr. term/30 yr. amort. |
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TRANSACTION OF THE WEEK
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$81,000,000 (94% of Cost) Non-Recourse Construction and Mezzanine Financing for a Condominium Tower in Las Vegas: GSP arranged $81,000,000 of construction financing for a 168 unit, 22-story condominium tower in Las Vegas. The construction financing totaled 94% of the project’s total capitalization. GSP was able to achieve $1,100,000 of imputed land value as part of the sponsor’s equity contribution. Terms: Senior: (1) Loan Amount: $67,000,000; (2) Rate: LIBOR + 3.50%; (3) Loan Term: 24 months; (4) Amort: Interest only; (5) LTV: 80%; (6) Non-Recourse; (7) Lender Fee: 1.0% in and 1.0% out. Mezz: (1) Loan Amount: $13,500,000; (2) Term and Amort is coterminous with senior; (3) Combined LTC: 94%; (4) Recourse: Top 10% of the mezz only; (5) Lender fee: Par, (6) Rate: confidential. (Noah Hahn, Steve Bram)
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| $22,100,000 Land Loan at 75% Loan to Value in Hawaii. GSP arranged a 75% of cost land loan to take out an existing land loan of $11,750,000 arranged by GSP earlier in the year. The purpose of the first loan was to acquire the subject property prior to entitlements. The sponsors have since gotten the project fully entitled. The new loan will provide the sponsor with additional capital to complete construction documents, and non-discretionary permits. This loan will roll into a construction loan in 6-9 months for the first phase of a 300-unit prime beachfront condominium development. Terms: (1) Rate: LIBOR+3.75%; (2) Loan Term: 1 year loan, 1 six month extension; (3) Amort: Interest only; (4) LTC: 75%; (5) LTV: 75%; (6) Lender Fee: 1.0%; (7) Recourse on top 25%. (Noah Hahn, Steve Bram) |
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| $4,000,000 (5.00% Interest Only for 10-Years) Cash Out Refinance Commercial Office Building in Malibu, CA. Borrower and partner purchased this 16,000 sf vacant building in December, 2003 for $4,000,000. This trophy property is located on Pacific Coast Highway. Occupancy is 100%, 3 tenants (although one is in “build-out” and not in occupancy) At a conservatively appraised value of $7,200,000, the 55.5% LTV loan request generated significant interest from the conduits. At this low leverage, no TI/LC or replacement reserves were required. Borrower locked rate 2 weeks after submitting Application. Terms: (1) Rate: 5.00%; (2) Pricing: T+102; (3) Term/Amort: 10-Year Fixed Rate/Interest-Only; (4) Non-Recourse; (5) Lender Fee: Par; (6) Lender Closing Costs: Capped at $10,650.00; (7) 60 day free rate lock. (George Smith; Jim Smith) |
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| $3,391,500 (10-Year CMBS) Acquisition of a Medical Office Complex in Slidell, Louisiana: GSP arranged financing for 86% of acquisition cost for a medical office complex outside of New Orleans. The property contained seven office buildings on a larger full-service medical center campus. Due to a supportive appraisal which came back higher than acquisition cost, the client received 85% financing based on value, not cost. The total capitalization consisted of a 1st and 2nd note with an all-in rate of 5.92%. Mezzanine portion was blended into the first trust deed with no requirement for a second loan committee or additional due diligence. Terms: Senior: (1) Pricing: T+1.20%; (2) Term/Amort: 10/30; (3) LTV: 80%; (4) DCR: 1.20; (5) Non-Recourse; (6) Lender Fee: Par; (7) Pre-payment: Defeasance; (8) No SNDA’s required; (9) All lender closing costs including legal were waived. Mezz: (1) Pricing: 12.95%; (2) Mezzanine terms were coterminous with the first trust deed; (3) Client was subject to lender legal on only mezzanine portion of loan. (Allison Higgins, Andrew Levant, David Stepanchak). |
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SPEAKERS CORNER
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| On September 15, 2005, GSP President Steve Bram will participate as a panelist in the Richard S. Ziman Center for Real Estate at the UCLA Anderson School of Management’s Residential Housing Conference. His topic will be Condominiums & Single Family Homes: Is the Ownership Society Possible in Southern California? For further information contact: Ziman Center for Real Estate (310) 206-9424 zimancenter@zimancenter.com |
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11th Annual GSP Real Estate Luncheon
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To Benefit the A-T Medical Research Foundation
Wed., September 21, 2005
Westin Century Plaza Hotel & Spa
FEATURED GUEST SPEAKERS
Bruce Karatz
KB Homes
Itamar Rabinovich
President of Tel Aviv University
Register at www.gspartners.com
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