FINfacts™ XXIV – No. 368 | May 10, 2023

Prime Rate 8.25%
1 Month LIBOR 5.11%
6 Month LIBOR 5.38%
5 Yr SOFR Swap 3.21%
10 Yr SOFR Swap 3.18%
5 Yr US Treasury 3.40%
10 Yr US Treasury 3.45%
30 Yr US Treasury 3.79%

$8,000,000 Bridge Financing for 28-Unit Multifamily Refinance; La Mirada, CA

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

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.


Steve Bram
Managing Director & Principal / GSP Co-Founder
David R. Pascale, Jr.
Senior Vice President
Allison Higgins
Senior Vice President
Nick Rogers
Vice President

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


Constellation Place
10250 Constellation Blvd., Ste. 2700
Los Angeles, CA 90067
Office 310.557.8336
Fax 310.557.1276
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