Terraces at the Grove, Toscana, and Summit

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Property:

Three multifamily properties with 192 total units. The properties were in various stages of renovation and re-leasing as the developer sought to reduce the properties’ loss-to-lease.

Location:

Southern CA

Financing:

HRC has arranged $28.5 million in non-recourse fixed-rate bridge financing to recapitalize three multifamily properties in Southern CA. All three properties were previously financed with floating rate bridge loans. HRC refinanced all three loans with a balance-sheet lender. The loans feature a flexible prepayment feature that allows for reduced exit costs if prepaid after 24 months. Funds reserved for renovations and capital improvements will be floating rate, based on LIBOR.

Skills

Posted on

July 28, 2015