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5/13/16
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George Smith Partners has arranged $115.3 mil in cash-out refinancing for The Orsini II, a 566-unit Class A multifamily apartment community in downtown Los Angeles. The property was developed by Geoff Palmer and is managed by his GHP Management company.
The Orsini II is a mid-rise, over-podium apartment complex comprised of five stories built over a three-level parking garage. Situated on 5.66 acres at the Southeast corner of Figueroa St and Cesar Chavez Ave, the building is within walking distance of central downtown Los Angeles and adjacent to the LA Music Center. The property offers a unit mix comprised of studio, one-, and two-bedroom units, as well as two-bedroom loft units. It also includes 20.4k sf of ground-floor retail.
George Smith Partners’ Gary Tenzer secured the floating rate loan at 57 percent LTV. The loan is priced over LIBOR and is interest only throughout its 10-year term.
“The institutional-quality asset was completed in 2008 and is currently 99 percent occupied and extremely well-maintained,” explains Tenzer. “Based on this stability and the sponsor’s strong track record, lender interest was competitive, and we were successful in securing extremely competitive terms for our client.”
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