| Transaction Description: |
| $5,465,500 (85% LTC) Construction Loan for 11-unit Condominium Complex in Hollywood, California. GSP arranged financing for the construction of an 11-unit, 17,558 sq. ft. condominium complex in an infill site in Hollywood, California. |
Challenge: Due to neighborhood protest, the developer had to scale back and redesign his initial plans for an 18-unit complex. |
Solution: The developer’s final plan, approved by the neighborhood, was an 11-unit complex with a unique art-deco facade. |
|
| Rate: 1 Mo LIBOR + 2.25% |
| Term: 18 Mos + 6 mos option to extend |
| LTC: 85% |
| Recourse |
| Lender Fee: 0.75% |
|
Key Players: Steven Orchard, Sean Lurry
|
|