Los Angeles, CA
Carlyle Capital funded a $6.5 million multi-family commercial loan in Los Angeles, CA. The borrower needed the funding for a 24-unit building in downtown LA that was being rented out below market value. The owner used the funding for a “cash for keys” approach to remove the current tenants in order to renovate the property and re-lease the units at current market value. This was a traditional value ad play for the borrower that Carlyle Capital was able to assist on. The interest rate was 8.5%, LTC was 80%, and the loan term was 18 months. This bridge loan was funded in September 2018.