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$4,250,000 Bridge Loan for “Elmwood Row” Apartments; Los Angeles, CA

Rate: 7.97%% Fixed
Term: 1 Years
Amortization: Interest Only
Extensions: One 6-Month Option
Loan Fee: 1%
Recourse: Non-recourse
Prepayment: Open

Transaction Description:

George Smith Partners secured a $4,250,000 bridge loan for a new 13-unit multifamily community located in the Larchmont Village area of Los Angeles, CA. The non-recourse loan will be utilized to refinance the Project’s construction debt and complete the Property to get to Certificate of Occupancy. The loan represents 65% loan to stabilized value and is structured with a 1-year initial term with interest only payments. The loan allows for open prepayment and carries one 6-month extension option.

The loan is secured by a recently constructed mixed-use development comprised of 13 studio, one and two-bedroom units. The Project offers several unique features including several 2-story loft/townhome style apartments, an expansive roof top lounge with views, partial subterranean parking garage with a semi-automated parking system and EV charging stations.

GSP was able to secure a lender that underwrote to the stabilized NOI, closed with no debt service reserve, no recourse, and no prepayment fee. The selected lender could move quickly, did not require an appraisal, and funded within three weeks after issuing an application.

Advisors

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