Terraces at Madrona

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Property:

An 84-unit apartment project located just three blocks north of the Sherman Oaks Galleria

Location:

Sherman Oaks, CA

Financing:

A 95% LTC participating loan in the amount of $12,991,000. The property was acquired for $11.8 million and borrower plans an $850,000 interior and exterior rehab. At closing, the units were 20% below market. The sponsor plans to increase rents by an additional 12% to 14% post-rehab.

Skills

Posted on

July 28, 2015