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.