Don't Miss a Fact,
Sign Up for FINfacts!

FINfacts is a weekly newsletter highlighting recent financings and economic insights.

Subscribe Here

$5,800,000 Non-Recourse Land Loan to 75% of Purchase and Pre-Development Costs

Rate: 10%
Term: 18 months w/two 6 Month Exts
Amort: Interest Only
Prepayment: Nine Months Yield Maintenance
Non-recourse
Lender Fee: 2.5%

Transaction Description: Gary E. Mozer, Katie H. Rodd, Michael Anderson and Kyle Howerton successfully placed the $5,800,000 acquisition loan for a parcel of land that is zoned, but requires site plan approval before breaking ground. City of Los Angeles approval is estimated to take 15 months from close of escrow. This loan includes funding for entitlement, permits costs as well as an interest reserve. The site will be for a build-to-suit for a tenant that had executed their lease prior to close. The non-recourse loan is fixed at 10% for 18 months and opens to pre-payment without penalty after nine months and was sized to 75% of total capitalization.

Related Financings

  • No related financings.