May 16, 2016 Comments Off on George Smith Partners Secures $115.3M Refi for Orsini II in DTLA Views: 517 California, California News, Los Angeles, West

George Smith Partners Secures $115.3M Refi for Orsini II in DTLA

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.”

Connect with GSP’s Tenzer

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: , ,

Comments are closed.