Property

A converted, 50-unit, live-work loft

Location

Hollywood, CA

Financing

$11 million, 10-year fixed rate loan. The loan was structured with multiple fundings, with an initial funding at 65% occupancy, and two additional fundings at 81% and 94% occupancy. This allowed the borrower to close on a permanent loan prior to stabilization and eliminate interest rate risk by locking the 10-year Treasury yield in the low 4% range.