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.

The Orsini is located at 550 Figueroa in Los Angeles. It is a five-story, over podium apartment complex and features a three-level parking garage.

 

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.