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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
- ◦Financing




