Sold

Industrial (Flex)/Multi-tenant – Refinance

LOS ANGELES, CA

$3,400,000

LOS ANGELES, CA

 

Funding Purpose

This loan was to refinance a seller carry loan that was coming due at the end of February. When we started going out to lenders, the property was 100% vacant

Property Description

Property was purchased at the beginning of 2020 and fully remodeled. Sponsor finished the remodel in October and started lease up process

Sponsors

Experienced developer who has turned over 10 similar models over his career. His tenant focus is in the entertainment industry, Music, photography, videography, etc.

Challenges

  • Multi-tenant Flex Rent Collection issues
  • Property was fully vacant when we started
  • Loan maturity - Tight timeframe

Solutions

  • Identified a bank who believes in these tenants
  • Worked hand in hand with the sponsor to make sure the building was leased up by the time the loan funded
  • Lender was able to rush 3rd parties and loan docs to meet our deadline

Funding

  • Loan Amount (LTV): 60%
  • Interest Rate: 3.65%
  • Amortization: 25 Y
  • Term: 5 Y
  • Recourse: Yes
  • Prepayment: 6 Months of Interest


Matt Bucaro

Matt Bucaro

TITLE

Senior Director, Capital Advisor

Follow Us On Instagram