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.
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.