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| Orsini II Apartments, Downtown Los Angeles, CA |
LOS ANGELES, CA – Commercial real estate investment banking
firm George Smith Partners has successfully secured $115.3 million in cash-out
refinancing for the Orsini II, a
566-unit Class A multifamily apartment community in downtown Los Angeles on
behalf of its client, a Southern California-based commercial real estate
developer.
The financing was arranged
by George Smith Partners’ Principal and Managing Director, Gary M. Tenzer.
“Refinancing is a major topic of
discussion in the current commercial real estate market,” says Tenzer.
“With a wall of maturities approaching and
recent volatility in the CMBS market, many commercial real estate borrowers are
concerned that refinance transactions will require capital injections in order
to close.”
However, Tenzer notes that multifamily product in the Los Angeles
market has fared very well, and in many cases, values have risen enough to
support cash-out transactions.
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| Gary M. Tenzer |
“In this case, the
institutional-quality asset was completed in 2008 and is currently 99 percent
occupied and extremely well-maintained,” explains Tenzer. “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.”
George Smith Partners secured the
$115.3 million floating rate loan at 57 percent LTV. The loan is priced over
LIBOR and is interest only throughout its 10-year term.
The Orsini II is a mid-rise, over
podium apartment complex comprised of five stories built over a three-level
parking garage.
Situated on 5.66 acres at the Southeast corner of Figueroa
Street and Cesar Chavez Avenue, the building is within walking distance of
central downtown Los Angeles and adjacent to the LA Music Center.
The property offers 566 apartments comprised
of studio, one-, and two-bedroom units, as well as two-bedroom loft units, and
also includes 20,448 square feet of ground-floor retail.
For a complete copy of the company’s news release,
please contact:
Jenn Quader / Miki Conant
Brower, Miller & Cole
(949) 955-7940
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