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3/18/19
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GEORGE SMITH PARTNERS - Shahin Yazdi, Jonathan Lee, David Stepanchak, Matthew Kirisits, Olga Alworth and Samuel Sarshar with George Smith Partners arranged $9.65 mil in financing for the purchase of a 95-unit multifamily property near Seattle. Proceeds were maximized by using a 1.15x Debt Coverage Ratio on the actual mortgage constant. The loan was based on 68% LTV with a rate fixed at 4.50% for five years. The first three years are interest-only before rolling into a 30-year amortization schedule for the 15-year term loan.
LOVE FUNDING - Jonathan S. Camps with Love Funding arranged a $4.2 mil refi loan on Arbor Terrace Apartments, a 71-unit, affordable housing community in San Diego. The property offers a mix of two-, three- and four-bedroom units, along with a community room, courtyard, recreational room, laundry room and an on-site office. Arbor Terrace Apartments was constructed with low income housing tax credits (LIHTCs) in 2009 and currently all of the revenue producing units carry a LIHTC component. The ownership is under the umbrella of The Wentwood Companies. The loan was funded through the U.S. Department of Housing and Urban Development’s 223(f) loan program. This program provided the team with low-rate, non-recourse financing to refinance the existing loan, fund property improvements and preserve affordable housing by providing a permanent financing solution. Love Funding worked closely with the borrower and the San Diego Housing Commission to overcome timing constraints and the various subordinations needed to secure financing.
PSRS - Kostas Kavayiotidis and Grady Seldin with PSRS, arranged $1.45 mil in acquisition money on a 13k sf, strip retail center in Pullman, WA. The two-building property has nine tenants. The new financing was executed as a recourse, full-leverage loan provided through Standard Insurance. A 10-year term was given with a 25-year amortization.
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