$4,000,000 LOS FELIZ BRIDGE LOAN
Beachrock Capital closes a $4,000,000 bridge loan on a proposed "Small Lot Ordinance" project in the Los Feliz area of Los Angeles.
This transaction featured the following:
Due to unexpected delays, the developer needed to find a lender that could fund in under 2 weeks.
Because the property included a large, vacant building, it was important to close with a lender that understood that the "value" of the property was in the land and entitlements, not in the improvements. By achieving this, Beachrock was able to source a bridge lender that will allow the demolition of the existing structure, thereby eliminating a major management issue, and improving the situation at the property for the surrounding residents.
The ownership structure of the asset included foreign individuals and entities that were quickly accommodated by the lender.
Due to the nature of the borrowing entity, a non-recourse loan was required.