May 16, 2016
Los Angeles-based George Smith Partners secured $115.3 million in cash-out refinancing for the Orsini II, a 566-unit Class A multifamily apartment community in DTLA on behalf of a Southern California-based commercial real estate developer.
The floating rate loan at 57% LTV is priced over LIBOR, and is interest only throughout its 10-year term. The Orsini II is a five story, over podium apartment complex built over a three-level parking garage, and is located on 5.66 acres at Figueroa St. and Cesar Chavez Ave.
Gary M. Tenzer, who arranged the financing, notes, “The institutional-quality asset was completed in 2008 and is currently 99% occupied and extremely well-maintained. 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.”