The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 10, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
L.A. Area Multifamily Portfolio Refinanced with $267 Mil

11/10/17

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.





Return to the previous page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media