$8,467,000 | The Bascom Group

3-pebble-cove

Property: Pebble Cove Apartments
Location: Las Vegas, NV
Description: 90-unit, garden style, apartment property featuring one, two, and three bedroom units within eight buildings on a 4.13-acre site.
Loan Type: Bridge Acquisition Loan
Lender: Regional Bank

Client Benefits:

  • Higher leverage loan against total project costs
  • Low LIBOR floating rate to maximize cash flow
  • 30 months of IO loan payments to enhance the IRR
  • 3 Year term with 4-year extension option for flexibility in the business plan
  • Limited initial guarantee with burndown to eliminate recourse