$4.0MM PREFERRED EQUITY INVESTMENT
We are pleased to announce the closing of a $4,000,000 investment to facilitate the construction of a 96 unit apartment project
Beachrock has procured a $4.0MM investment to facilitate the ground up construction of 96 apartments in Ventura County. The financing allowed the Developer to meet the construction lender's equity requirement in a way that would ultimately allow for a long term hold of the asset.
The new investor was able to understand the local market conditions given the impact of COVID. Both Developer and Investor were able to work through the difficulties and delays caused by COVID, and successfully close the deal, and have already started sitework!
BEACHROCK THANKS EVERYONE INVOLVED IN THIS TRANSACTION!