Amount: $15,000,000 • LTV: 67% • Rate: 5.25%
The building is a 15 story Class B rental property with 51 units constructed in the 1980’s.
Park 49 was retained to advise in the restructuring of a commercial real estate loan on a multi-family property in the city of Los Angeles. The borrower is a property owner with multiple assets throughout the Miracle Mile section of the city. He utilized the proceeds of the new loan to payoff his existing balance and complete the modernization of the exterior facade and common areas of the property. The previous loan had an outstanding balance alongside accumulated interest. The loan possessed a balloon payment that was fast approaching. We negotiated a new loan with very competitive terms to help the client achieve their goals.