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FINfacts™ XXIV – No. 368 | May 10, 2023
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| Prime Rate |
 8.25% |
| 1 Month LIBOR |
 5.11% |
| 6 Month LIBOR |
5.38% |
| 5 Yr SOFR Swap |
 3.21%
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| 10 Yr SOFR Swap |
3.18%
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| 5 Yr US Treasury |
3.40%
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| 10 Yr US Treasury |
3.45%
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| 30 Yr US Treasury |
3.79% |
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Rate: 7.75% Fixed
Term: 2 Years, Two 6-Month Extensions
Amortization: Interest-Only
Loan-to-Value: 70%
Prepayment: 12 Months Minimum Interest Period
Loan Fee: 1% Origination Fee, 0.50% Exit Fee
Guaranty: Non-Recourse
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Transaction Description:
George Smith Partners successfully placed an $8,000,000 bridge loan for the refinance of a 28-unit, newly constructed apartment building in La Mirada, California. The bridge loan refinanced the construction loan at building stabilization. The loan amount provided a return of equity to the Sponsor and allowed the Sponsor time to decide whether to sell the property in the future or put a permanent loan on the property if long-term rates start to come down. GSP sourced a lender that was able to provide maximum cash-out and fix the interest rate for the duration of the loan term. The financing is open for prepayment at any point throughout the loan term with a minimum of 12 months interest paid.
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If you have an inquiry regarding George Smith Partners’ commercial real estate financing, please contact your GSP representative or Jessica Mania, at (310) 867-2974 or jmania@gspartners.com
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Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
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© 1999 - 2023 George Smith Partners, Inc. DRE # 00822654 FINfacts is an ePublication of George Smith Partners, Inc. For Promotional Purposes Only. All Rights Reserved.
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