Arriba Capital has recently closed a $5.27 million, acquisition loan for a 16-unit multifamily property located in Beverly Hills, CA.
At the time of closing, the property was 38% vacant. The sponsorship intends on renovating the property to better align with the desired product in the market. The renovations are expected to begin immediately and will be completed within the next 120-180 days. The loan was leveraged to 85% of cost with a 15-month term and 6-months of deferred interest.
The property is located in close proximity to Rodeo Drive, which will place tenants within a short walk to world-renowned shopping, dining, and cultural experiences.
The borrower is a private equity real estate investment company, specializing in the
acquisition, development and leasing of value-added apartment buildings throughout Los Angeles