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August 3, 2020
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Downtown Los Angeles Multifamily Refinanced with $128 Mil Loan


Geoff Palmer has secured $128.1 mil in financing for Orsini II, a 566-unit, institutional-quality multifamily property in Downtown Los Angeles. The new loan replaces a $115.2 mil floating rate loan secured for the property in 2016, which had a remaining term of more than eight years and pre-payment penalties in place.

Located at 550 Figueroa in Los Angeles, Orsini II is a mid-rise, over-podium apartment complex comprised of five stories built over a three-level parking garage, within walking distance of central downtown Los Angeles and the LA Music Center.

The funding was arraged by George Smith Partners’ Gary M. Tenzer, who also arranged the previous loan in 2016. The loan funded as a 10-year, fixed-rate, interest-only, non-recourse loan at 4.24% with a 55% loan-to-value.

“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 borrower with the opportunity to harvest appreciated equity,” says Tenzer. "Additionally, we were able to secure a forward index lock and a deferred closing to stave off further rate increases before the existing variable rate loan was no longer locked out and able to be repaid."

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