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Construction/Project
3200 S La Cienega Blvd
Los Angeles, California 90016
Please see the links below. https://therealdeal.com/la/2020/12/29/developer-files-for-254-unit-west-adams-complex/ https://planning.lacity.gov/pdiscaseinfo/search/casenumber/DIR-2020-7683-TOC-SPR-HCA This property is unencumbered by any liens. It is an approved 254-unit apartment building with no retail or commercial space on the premises, only 254 units. The total budget for the guaranteed maximum price (GMP) costs is approximately $86 million, excluding reserves or interest. The total amount they requested was approximately $100 million. Would you be interested in collaborating on this project? Please feel free to contact me if you have any questions.
Loan TypeConstruction/Project
Property TypeOther
Appraisal Value$ 60,000,000
Requested Loan Amount$ 120,000,000
Loan to Value (LTV)57.14%
Interest Rate10%
Loan Term3 Years
OccupancyVacant
Created AtJan 9, 2025, 1:41 AM
Updated AtJan 9, 2025, 1:43 AM
Loan purpose
The city of Los Angeles has approved the construction of 254 housing units. Wells Fargo Bank has also given its approval; however, the bank requires that $20 million be set aside as reserve funds. Recently, changes in California state law have introduced additional incentives, allowing the developer to build an additional 90 units, bringing the total to 344 units. The architect is currently working on a new design for a total of 350 units and will require a $120 million construction loan. The developer is reluctant to sell his other properties because of the $20 million reserve fund requirement. Therefore, he is willing to accept this loan without any conditions related to reserve funds.
Exit plan
The borrower will switch to a permanent loan once the construction is complete.
Requested Loan Amount:
$ 120,000,000
Loan Type: Construction/Project
Contact:
[email protected]213-804-9555
JK
john kim