| Transaction Description: |
| $15,850,000 Construction Financing for a Ground-Up, Mixed Use Apartment Building in Ventura, CA. GSP arranged construction financing for a 78-unit apartment complex with two retail units totaling 77,358 net rentable square feet. The apartment units range in size from 546 to 1,233 sq. ft. and are expected to rent for an average of $2.50 per foot. The subject property sits on 1.40 acres of land and is located within the newly redeveloped Downtown Ventura. The project was originally conceived as 75 condominium units and was reconfigured as a rental due to current market conditions. The in-fill site is currently improved with a vacant industrial building that was previously occupied by an owner-user. The developer plans to demolish the existing improvements and commence construction in the fourth quarter of 2008. |
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| Rate: Fixed at 7.25% |
| Term: 2 yrs with one 6-mo extension option |
| Amort: I/O |
| LTV: 55% loan to “as-if” complete value |
| LTC: 70% |
| Prepayment: Open |
| Recourse |
| Lender Fee: 1% |
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Extension Fee: 0.25% for each extension
Other: Existing land loan was subordinated to the new senior construction loan
Key Players: Andrew Levant,
Gilda Rivera
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