$16,500,000 | The Bascom Group

Property: Casanova Grove Apartments
Location: Monterey, CA
Description: A garden apartment complex containing 56,700 square feet of rentable area within 76 residential apartment units located at 930 Casanova Avenue in Monterey, California. The five, two-story buildings are recently renovated with both interior and exterior details. The Property benefits from a strategic location in a residential area of Monterey with a good income demographic profile and is in close proximity to commercial services and transportation arterials.
Loan Type: Refinance Bridge Loan
Lender: Texas Commercial Bank

Client Benefits:

  • Four-year loan term
  • Interest Only payments for 36 months
  • Low LIBOR floating rate with step down based on NOI growth