$21,400,000 | Bascom San Francisco

luxe

Property: LUXE 1801 Apartment Homes
Location: Alhambra, CA
Description: A renovated 109-unit garden style apartment community located at 1801 W. Garvey Avenue in Alhambra, CA, a non-rent controlled city in Los Angeles County, CA. The property has undergone significant interior and exterior improvements. The new cash out refinance will provide funds to complete remaining upgrades to the common areas, such as a fitness center and lobby improvements, landscape upgrades, the addition of a fire pit lounge, and resident club room.
Loan Type: Bridge Loan – Refinance
Lender: National Bank

Client Benefits:

  • An orchestrated competition increased loan proceeds $1.1 million in excess of the borrower’s
    existing proposal
  • Reduction in the interest spread by 50 basis points through negotiations
  • Utilizing cash out refinance proceeds, the owners were able to reinvest further into property
    upgrades
  • Non-recourse bank loan minimizes the borrower’s ongoing risks
  • Interest only loan payments for the full loan term maximize the cash yield on the investment