Mid Construction  – Refinance
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Mid Construction – Refinance

Long Beach, CA

$12,000,000

Long Beach, CA

 

Funding Purpose

Mid construction Refinance. The borrower had a bridge loan on the property and needed additional funds to finish the project. They were about 60% complete with construction and we were able to refi their current loan and provide them the remaining construction dollars needed to complete the project. 

Property Description

36 residential units over 4 retail units in Long Beach. This was/is a for sale project. 

Sponsors

foreign investor/developer that had used EB5 equity to start the construction. Had three projects ongoing in California and two in Hawaii. 

Challenges

  • Having to do a cost review mid construction posed to be problematic, but the lender handled it with ease
  • Having EB5 equity made the structure a bit more difficult

Solutions

  • Finding a lender who was family with this areaconstruction loans, and EB5 equity

Funding

  • Loan Amount (LTV) $12 million  
  • Interest Rate 8.75% 
  • Term – 24 Months 
  • Recourse - Recourse 
  • Interest Only  - 24 Months of interest only 


Matt Bucaro

Matt Bucaro

TITLE

Senior Director | Capital Advisor

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