GSPartners
|
|
|
|
Volume XVIII | No. 31 | August 25, 2010
|
|
|
|
|
|
|
|
|
|
KEY RATE INDICES
|
|
Prime Rate
|
3.25%
|
1 Month LIBOR
|
0.26%
|
5 Yr US Treasury
|
1.33%
|
5 Yr Swaps
|
1.57%
|
|
12-MAT
|
1.79%
|
3 Month LIBOR
|
0.30%
|
10 Yr US Treasury
|
2.50%
|
10 Yr Swaps
|
2.55%
|
|
11th Dist COFI
|
0.37%
|
6 Month LIBOR
|
0.52%
|
30 Yr US Treasury
|
3.58%
|
|
|
|
| | | Transaction Description: | | $42,604,000 Refinance of two Multi-Family Apartments in Canyon Country, CA GSP arranged $23,197,000 in refinancing proceeds for a 215 unit apartment complex and $19,407,000 in refinancing proceeds for a 256 unit complex. GSP utilized low floater bond programs through one of the GSEs to provide the borrower low floating rates and cash out.
|
| 215 Unit Complex
Floating Rate: 2.98%; Fixed Rate on Tail: 5.06%; Structure: Bond Enhanced, Low-floater with Taxable Tail; LTV: 77%; Non-Recourse
256 Unit Complex
Floating Rate: 2.98%; Fixed Rate on Tail: 5.44%; Structure: Bond Enhanced Low-floater with Taxable Tail; LTV: 67%; Non-Recourse
Brokers: Gary M. Tenzer, Nick Silbergeld |
|
|
| | | Hot Money | West Coast Capital Source Funding "Mid-Size" Mezzanine and Preferred Equity This program is tailored for refis of maturing loans (where new senior loan proceeds are short). The new money, can be structured as mezzanine or preferred equity. Typical loan size: $2,000,000-$7,000,000. Max LTV: 85%; Min DCR (combined): 1.05; Geographic target: Core markets in western states. Yield targets are in the low to mid teens over a 2 to 7 year term. | | | Hot Money | Single Tenant Non Recourse Financing Fixed rates are dropping to historic lows across the lending spectrum. This nationwide lender is funding single tenant transactions (S& P rated "BB" or equivalent private credit) at attractive rates. Note that lender analyzes non-rated tenants with their own model. Loan term is equal to remaining lease term. Loan Size: $2,000,000- $20,000,000; Rates: 5.50-7.00% fixed; Max LTV: 75%; Min DCR: 1.20; Amort: 25 years; Lender Fee: Par | | | Hot Money | Bank Funding Selective Construction Loans in California Construction lending is by no means "back" like the mid-decade heyday, but some banks are active. Underwriting is thorough, recourse is a must, locations need to be "infill" in major markets such as Los Angeles, Bay Area, etc. Loan Size: $2,000,000 to $7,000,000; Max LTC: 65%; Pricing: Prime + 1.00% with 7.5% rate floor; Property Types: Apartments, Retail, Office, Industrial, Self Storage; Recourse: yes; Lender Fee: 1.00-2.00% | | | If you have an inquiry regarding George Smith Partners' commercial real estate financing, asset sales or advisory services please contact your GSP representative or Todd August, Chief Operating Officer, at (310) 867-2995 or taugust@gspartners.com. | | | Join Us on LinkedIn | George Smith Partners is now on LinkedIn. Click here to join the George Smith Partners group to get access to current conversations and topics plus topical newsfeeds. | | | Speakers Corner | Marc Schillinger will be speaking at the Real Estate Syndication Summit on September 24 at the Luxe Hotel in Brentwood (West Los Angeles, CA). For more information, click here. | | | Press Box | Congragulations to Gary Mozer and the crew of his boat, Current Obsession, for winning the J105 SoCal Championship race at the Long Beach yacht club. | | | Loans Recently Closed and In Application, Blog Post by Josh Roseman. | 2010 has marked the beginning of a substantial improvement in the availability of capital. While the market remains slow and fickle, a spate of recent closings and a growing pipeline in application suggest a strengthening capital market and an increased appetite to transact. We are encouraged to be getting traction. Following is a sample of our current deal flow......click here to read the entire post. | | | Come Grow With Us | George Smith Partners is expanding its team of top-notch mortgage brokers/originators. We offer highly competitive compensation and an excellent environment in which to work, learn and be supported. GSP provides its employees with cutting edge market information, resources for identifying the best capital sources for each transaction, training opportunities and peer support whenever it is needed. We invite you to consider a career with George Smith Partners. Please direct confidential inquiries to Todd August, Chief Operating Officer, at (310) 867-2995. |
|
|
|
|
©2010 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of
George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
|
|
|
|
|
|
|
|
