Transaction Overview
Jonathan Lee and Adam Candler successfully placed the acquisition financing of unentitled land for a to-be-built multifamily development near Culver City, California. The Subject is a three parcel assemblage zoned C-2, which allows for a residential development use, currently improved with a two duplexes and a single family home. Surrounding parcels are a mixture of multifamily and commercial. In-place revenue was not underwritten and only used as a compensating factor by credit in the approval of this transaction. Sized to 80% of the contracted purchase price, the 12 month loan is priced at LIBOR + 4.50% subject to a 6.5% floor. There is no prepayment penalty or exit fee for this recourse loan.
