Property:
Portfolio of three luxury apartment projects comprised of 250 units
Location:
Beverly Hills, West Hills and Sherman Oaks, CA
Financing:
$46.1 million forward commitment for permanent financing arranged through a national pension fund. The buildings were in lease up, having been recently constructed or renovated, and the borrower wished to lock in a fixed rate. The loan was structured with an initial funding and an earnout to be released upon stabilization.