Los Angeles, CA
Commercial Property Value Add09/12/2018
In September 2018, Archway Fund financed a $5.45M acquisition and renovation non-recourse bridge loan secured by a 32-unit rent controlled multifamily property located in Los Angeles. The sponsor plans to perform immediate renovations and raise rents up to market rates in order to achieve stabilization. The exit strategy is traditional long-term financing or a sale of the asset once stabilized. The interest rate was 7.99% for a 24-month term. No appraisal was required, and the Sponsor did not have to personally guaranty the loan.