$23,700,000 Downtown LA & San Francisco Land

 In RECENT TRANSACTIONS

Loan Amount $23,700,000
Transaction Acquisition with cross-collateral
Collateral 33,424 sq. ft. lot with entitlements to build 241 residential units with ground floor retail; 29,998 sq. ft. lot with entitlements to build 127 residential units with ground floor retail; 12,998 sq. ft. lot with entitlements to build 205 residential units with ground floor retail
Location Downtown Los Angeles & San Francisco
Purpose of Loan Funds to complete $26,000,000 purchase; additional collateral was purchased for $62,000,000 in January 2017 (27% combined loan-to-cost)
Exit Strategy Development of mixed-use buildings in prime locations
Loan Term 12 months
Interest Rate 7.90% interest only
Origination Fee 0.75 point
Additional Terms No prepayment penalty. No yield maintenance. Non-recourse.
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