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December 19, 2018
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L.A. Area Multifamily Portfolio Refinanced with $267 Mil


In a major financing deal, George Smith Partners (GSP) has successfully secured $266.78 mil in refi money for a four-property multifamily portfolio comprised of 1,359 units in Los Angeles. The borrower is G.H. Palmer.

The refinancing was completed as seven-year, fixed-rate interest-only, non-recourse loans priced at 3.54% with a 65% loan-to-value. It was arranged by GSP’s Gary M. Tenzer, who notes that with rates anticipated to rise soon, the borrower chose to defease the existing loans in order to refinance at today’s rates.

Skyline Terrace, Los Angeles
Skyline Terrace, Los Angeles
The portfolio includes:

• Skyline Terrace Apartments located at 930 Figueroa Terrace, Los Angeles
• Pasadena Park Place located at 101 Bridewell St, Los Angeles
• River Ranch Townhomes and Apartments is at 18005 Anne's Circle in Santa Clarita
• The Terrace at 21311 Alder Dr in Santa Clarita

To earn the best terms from the lender, George Smith Partners documented both the tremendous success of the portfolio, as well as the owner’s ability to dramatically improve the property’s net operating income through green energy updates. By implementing energy and water saving technology in all four properties, there will be anticipated operating expense reduction of 35% in energy costs and 28% in water costs. The positive cash flow these savings are expected to create helped achieve an 18 basis point rate reduction on the loans, and a five percent increase in proceeds.

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