CASE STUDIES
Florentine Apartments
Loan Amount: $7,250,000
Closed: 4th Quarter 2004
Location: 9070 Florence Avenue
Downey, California
Client:
Seaview Ventures of Larkspur, California & Revere Investments of Long Beach, California
Property:
48 unit apartment community in Downey, CA
Assignment:
Arrange a high leverage, flexible bridge loan to acquire and reposition the property.
Challenges:
90% loan to cost financing request
Quick closing
Limited financial history on the property
Older asset with tuck under parking
Results:
$7.25 million (90% loan to cost).
Rate: LIBOR plus 350 bps
Fees: 1% in, 1% out.
Term: 18 months, with a 12 month extension.
Liability: Non-recourse to the principals of the borrowing entity, except a personal guarantee on the top 15% of the loan amount.
Closed in less than 30 days from the signature of the application
