LA Apartment Portfolio

Transaction description

David Sarnoff of PSRS recently arranged the cash-out refinance of a 45-unit apartment portfolio in Los Angeles, California. The portfolio includes five apartment buildings, which are all 8-10 units, two-story, class-C apartments, located on two streets within a few blocks of each other. Executed with one of our bank lenders, the loan has a 5-year term and a 30-year amortization schedule. Sarnoff placed this full 70% LTV request with a lender that required no reserves for Covid or ongoing repairs and maintenance, in order to provide the borrower with maximum proceeds.