$9,660,000 | Bascom

Property: The Island Apartments
Location: Pico Rivera, CA
Description: A 78-unit garden style multi-family community situated on a 1.54-acre site. Well positioned in the Southeast section of Los Angeles County near premier retail centers and entertainment venues, The Island Apartments offers residents a superior location with convenient access to shopping, dining, and employment hubs. The property is set to take advantage of strong multifamily fundamentals fueled by an extremely low incoming supply and low vacancy rates, which have resulted in healthy rent growth.
Loan Type: Acquisition Bridge Loan
Lender: Local Bank

Client Benefits:

  • Additional loan proceeds to finance significant interior and exterior capital improvements
  • Four-year loan term with one twelve-month extension options minimizes loan maturity risks
  • Interest only payments for the months 1-36 maximizes the cash yield for the investor
  • No lockout period providing maximum flexibility for the borrower