sunset terrace

Multifamily Project in Hollywood, California

Property Description: 42 unit, three-story multifamily project located in Hollywood, California. The property is Class B+, was built in 1988 and was 100% occupied at closing.

Investment Profile: The Sponsor’s business plan was to make capital improvements, raise rents to market and potentially convert the units to condominiums. The Mesa West Capital loan financed the acquisition of the project and provided an ability for the Sponsor to make capital improvements.

Loan Amount: $6,160,000

Loan Type: Acquisition and reposition first mortgage bridge loan

Deal Highlights: The Sponsor needed to close the financing in 8 days due to a 1031 issue and was purchasing the property at a sub-5% capitalization rate. Mesa West Capital met the aggressive acquisition timing and structured a financing that enabled Mesa West to be comfortable with the purchase as an apartment project while permitting the Sponsor to seek to execute its condominium conversion plan.

Like to stay up to speed on new Mesa West transactions? Contact us as info@mesawestcapital.com or call us at (310) 806-6300.