Alder Creek

,

Property:

148-unit, gated-entry, multifamily complex with a pool, two laundry facilities, and outdoor recreation area. The property mix consists of one and two bedroom units.

Location:

Riverside, CA

Financing:

HRC has arranged a $14.5 million in non-recourse acquisition/bridge financing, representing 80% of total cost. The interest rate on the initial funding was fixed at a spread over the 5-year treasury. Reserve accounts were established for renovation and capital improvement costs; as reserve funds are drawn they will accrue interest at a competitive spread over LIBOR. The loan features an attractive prepayment option that allows the sponsor to sell or refinance after 24 months with minimal exit costs.

Skills

Posted on

July 28, 2015