X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The owner of the Orsini II, a 566-unit apartment complex in Downtown Los Angeles, has secured a $128.1 million loan. The loan replaces an existing $115.2 million floating rate loan, which had a eight years remaining in the term. As a result, the borrower was required to pay prepayment penalties. However, low interest rates offset the cost of the prepayment penalties.

The new loan has a 10-year term and has a fixed-rate, interest-only, non-recourse at 4.24% with a 55% loan-to-value. Gary M. Tenzer, principal and co-founder at George Smith Partners secured the funding on behalf of the borrower.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

More from this author

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.