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Multifamily – Refinance

LOS ANGELES, CA

$3,985,000

LOS ANGELES, CA

 

Funding Purpose

Refinance of a construction loan.

Property Description

5-unit Multifamily in Century City off Beverly Glen Blvd.

Sponsors

Sponsor owned the property since 2003 and re-entitled the property for 5 high-end townhomes.

Challenges

  • Funded a permanent loan prior to Certificate Occupancy
  • Tight timeline with construction loan coming due

Solutions

  • Relied on strong pro-forma numbers to negate certificate of occupancy risk
  • Negotiated extension with prior 1st position lender

Funding

  • Loan Amount (LTV): $4,000,000
  • Interest Rate: 2.75% 
  • Amortization: 30-year
  • Term: 5-year
  • Recourse: Recourse 


Frankie Paparella

Frankie Paparella

TITLE

Associate Director, Capital Advisor

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