Culver City, CA
In March 2018, Archway Fund financed a $6.8MM refinance, cash-out bridge loan secured by a 27,000 square foot research and development building located in Culver City, CA just off the 405 freeway near the Westfield Culver City mall. The borrower required a non-bureaucratic lender with non-recourse and significant cash-out, therefore the need for private money. During our loan term, the Borrower plans to re-purpose the building into a creative office space. Exit is to refinance with a traditional lender once the creative office conversion is completed and fully leased. The interest rate was 7.99% and the term is 24 months.