Terraces at the Grove, Toscana, and Summit
$28,500,000 Bridge Loan
3 Properties, 192 MF Units
Sherman Oaks and West Hollywood, CA
HRC has arranged $28.5M in non-recourse, fixed-rate bridge financing to recapitalize three multifamily properties in Southern CA totaling 192 units. 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. The properties were in various stages of renovation and re-leasing as the developer sought to reduce the properties’ loss-to-lease.