| 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