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Multifamily – Co-Living Development

LOS ANGELES, CA

$8,000,000

LOS ANGELES, CA

 

Funding Purpose

Ground-Up Construction loan for a multifamily co-living building in Los Angeles

Property Description

13-unit (58 rented rooms) co-living development in the Koreatown community of Los Angeles. Building to be complete with superior amenities.

Sponsors

Experienced investor and developer with a similar project in the leasing stage in Hollywood. Net worth and liquidity support this transaction.

Challenges

  • Co-Living construction loan request at start of COVID pandemic created lender uncertainty
  • Sponsor's initial organizational structure created series of lender challenges

Solutions

  • Funding with local credit union that stayed patient throughout the process due to thorough communication with Tauro
  • Sponsor requests were exceeded, and construction was able to begin

Funding

  • Loan Amount (LTV): 70%
  • Interest Rate: 4.5%
  • Amortization: 25 Y
  • Term: 2 Y
  • Recourse: Non Recourse 
  • Interest Only: 18 Months
  • Prepayment: Allowed


Deryl Deese

Deryl Deese

TITLE

Director, Capital Advisor

Tony Festa

Tony Festa

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