$3.75MM LAND BRIDGE IN KOREATOWN, LOS ANGELES POST COVID19 CLOSING!!!!!
We are pleased to announce the recent closing of a $3.75MM Land Bridge Loan to accommodate the remaining engineering of a fully entitled, 84 unit apartment project!
This transaction featured a highly experienced developer who has created significant value by creating an assemblage in the highly desirable Korea Town area of Los Angeles, and fully perfecting entitlements for a proposed 84-unit apartment project. The developer was seeking a long-term bridge loan to accommodate remaining processing to bring the project to a permit-ready condition ("RTI"), however, due to the onset of the COVID19 pandemic, and the high potential for extended delays within the Planning Department, a long term financing solution was desirable. Beachrock found a lender that was willing to lend on the project based on the developers successful track record, the value that has been locked in by the approved entitlements, and the core location of the asset. After locating the "right" lender, both the lender and the borrower worked diligently together to get the financing closed in a very short period of time, despite the difficulties of closing a transaction during the lock down!!.
BEACHROCK THANKS EVERYONE INVOLVED IN THIS TRANSACTION!