Belamar and Casa Linda
$15,400,000 Bridge Loan
2 Properties, 141 Multi-Family Units
Los Angeles and Sherman Oaks, CA
HRC has arranged a $15.4 million non-recourse acquisition/bridge loan, fixed for five years, and requiring interest-only payments. The initial funding was maximized by establishing a small interest reserve at closing, funded loan proceeds resulted in a sub-1.00 DCR. The two properties were cross-collateralized and will remain so until they achieve a 1.00 DCR on interest-only payments. The Borrower, a major national equity fund focused on value-added multifamily opportunities, plans to renovate the common areas and unit interiors and minimize the properties’ current loss-to-lease.
The properties were comprised of a 67-unit, gated-entry, multifamily complex with a pool, numerous waterscapes, laundry facilities, and semi-subterranean parking; and a 74-unit multifamily complex featuring amenities such as a pool, game room, and balconies.