George Smith Partners Closes $128.1M Loan for 566-Unit Multifamily Property in Los Angeles
LOS ANGELES — George Smith Partners has secured $128.1 million in financing for Orsini II, an institutional-quality multifamily property in downtown Los Angeles. Gary Tenzer of George Smith Partners arranged the funding for the undisclosed borrower.
The non-recourse, 10-year, fixed-rate, interest-only loan features a 4.24 percent interest rate and a 55 percent loan-to-value ratio. The new loan replaces a $115.2 million floating-rate loan that George Smith Partners secured for the property in 2016. The original loan had a remaining term of more than eight years and pre-payment penalties in place.
Located at 550 N. Figueroa St. in downtown Los Angeles, Orsini II features a five-story residential portion offering a total of 566 units above a three-level parking garage.