$18,480,000 | Bascom

Property: 3 Multi-Family Property Portfolio
Location: San Diego, CA
Description: The portfolio consisted of three recently renovated multi-family communities known as Courtyard on 68th in San Diego, City Terraces in Escondido, and Hillside Terrace in Vista, CA which have a combined total of 113 units. The remodeled apartment homes feature striking finishes, stainless-steel appliances, and abundant storage. All three properties benefit from their superior proximity to the finest dining, shopping and events that San Diego has to offer.
Loan Type: Refinance Bridge Loan
Lender: Southern California Based Community Bank

Client Benefits:

  • Non-recourse
  • 3-year fixed rate loan with 24 months of IO payments
  • Financing includes two, one-year extension options
  • Enhanced borrower’s flexibility by structuring a sliding scale prepayment penalty during the first two years only of the loan