REBusinessOnline

George Smith Partners Secures $33M in Financing for L.A. Multifamily Portfolio

LOS ANGELES — George Smith Partners has secured $33 million in refinancing for a nine-property multifamily portfolio in Los Angeles. The portfolio is located in the West Hollywood and Koreatown neighborhoods.

The transaction required nine separate loans to close concurrently with a structure that provided $5 million in return of equity to the owner and developer. Ultimately, two capital providers provided the loans at a five-year fixed rate of 3.15 percent.

Each of the nine loans will self-liquidate over 30 years. After the initial five-year fixed-rate period, the rates will reset and float at 235 over LIBOR for the remaining 25-year term. A step-down prepayment is underwritten, which opens without penalty after the third year.

Bryan Shaffer, Jon Shapiro and Max Lehrman arranged the loans.




Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

Subscribe to the newsletter
Conferences


Webinars on Demand


Read the Digital Editions

Northeast Multifamily & Affordable Housing Business

Midwest Multifamily & Affordable Housing Business

Western Multifamily & Affordable Housing Business

Texas Multifamily & Affordable Housing Business

Southeast Multifamily & Affordable Housing Business

Heartland Real Estate Business

Northeast Real Estate Business

Southeast Real Estate Business

Texas Real Estate Business

Western Real Estate Business

Shopping Center Business

California Centers

Student Housing Business

Seniors Housing Business

Featured Properties