Whitley Multifamily – Development

Hollywood, CA

$8,500,000

Funding Purpose

Tauro Capital Advisors was engaged on an exclusive basis to place a construction loan for the ground-up development of a 24-unit apartment building in the Hollywood Hills.

Property Description

The property is currently a 3-unit building to be demolished. The site has been owned by the sponsor since 2016 and is fully entitled and permit ready.

Sponsors

The sponsor has done value-add projects to over 45 properties now. They have over 25 years of experience in the acquisition and construction of different asset classes.

Challenges

  • Sponsor wants to obtain a construction loan with great terms to do ground-up construction on a premier multifamily property in an amazing location.

Solutions

  • Funding secured through a California based credit union that recognized the sponsor’s experience as well as the property’s potential and was able to give great terms.

Funding

  • Loan Amount (LTV): $8,500,000 (75%)
  • Interest Rate: 4.5%
  • Amortization: 25 years
  • Term: 10 years
  • Recourse: Non-recourse
  • Interest Only: 24 months
  • Prepayment: No penalty

 

Director  | Capital Advisor

617-953-6394

ayoushaei@taurocapitaladvisors.com

Senior Director  | Capital Advisor

310-426-8080

ajohnston@taurocapitaladvisors.com