$21,400,000 | Bascom Northwest Ventures

luxe

Property: LUXE 1801 Apartments
Location: Alhambra, CA
Description: Highly improved 109-unit garden style apartment community located at 1801 West Garvey Avenue in Alhambra, CA. The property was significantly renovated in 2016, and is comprised of 2 three-story buildings with 3 studio units, 92 one bedroom units, 5 two bedroom units and 9 three bedroom units.
Loan Type: Refinance
Lender: Commercial Bank

Client Benefits:

  • $1.1 million increase in loan proceeds after creating lender competition
  • 50 basis point decrease in rate via lender negotiations
  • Three year loan with interest only payments
  • Two, twelve month extension options