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California  + Los Angeles  + Finance  | 

George Smith Partners Arranges $128M for 566-Unit MF in DTLA

Connect Apartments is planned next month in Los Angeles. You can get more information and register to attend on this link.

George Smith Partners arranged $128.1 million in financing for Orsini II, a 566-unit, institutional-quality multifamily property in Downtown Los Angeles. The new loan replaces a $115.2 million floating rate loan George Smith Partners secured for the GH Palmer Associates’ property in 2016, which had a remaining term of more than eight years and pre-payment penalties in place.

The funding was secured by George Smith Partners’ Gary M. Tenzer, who says, “We determined that the interest rate savings for a new 10-year loan would easily offset the early pre-payment costs of the existing loan, while also providing the sponsor with the opportunity to harvest appreciated equity.”

The new loan funded as a 10-year, fixed-rate, interest-only, non-recourse loan at 4.24% with a 55% loan-to-value. Located at 550 Figueroa St., Orsini II is a mid-rise, over podium apartment complex comprised of five stories built over a three-level parking garage.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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