Terraces at Madrona
$12,991,000 Bridge Loan
84-Unit Multi-Family
Sherman Oaks, CA
HRC arranged a 95% LTC participating loan in the amount of $12,991,000. The 84-unit 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.