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