Construction loan for a 43 unit apartment building in Hollywood, CA.
Finance Amount: $9,000,000
70% LTC Mid-2% rate Subsequently arranged $12,500,000 permanent loan fixed for 5 years in the low 4% range with a 5,3,1,1 prepay and a maximum rate years 6-10 of 6.20%. Non recourse after year one if LTV remained at 70% or less.
Location: Hollywood, CA
Deal Type: Construction Financing
Property Type: Multifamily