The $8,600,000 acquisition of a 44,206 sf office building with ground floor retail located in Pasadena, CA. The property was 70% occupied at the time of acquisition. The business plan is to upgrade the common area space and renovate/update the vacant offices.
48 Raymond Ave, Pasadena, CA
The financing consisted of a $7,350,000 non-recourse bridge loan with approximately $450,000 of additional funding for cap ex, TI & LC. The loan equated to 80% LTC and was provided by debt fund.