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 engaged to provide advisory services for the restructuring of a commercial real estate loan on a multi-family property located in Los Angeles. The borrower, a property owner with multiple assets in the Miracle Mile area, sought our assistance. Our expertise enabled the borrower to utilize the proceeds from the new loan to fully pay off the existing balance and undertake the modernization of the property’s exterior facade and common areas. The previous loan had an outstanding balance with accumulated interest, and a balloon payment deadline was rapidly approaching. Through negotiation, we successfully secured a new loan with highly competitive terms, enabling the client to achieve their goals.