Los Angeles, CA
Western Arms Apartments
Acquisition loan for a 76-unit, 51,000 square foot multifamily building in the Koreatown neighborhood of Los Angeles.
$11,300,000Loan Amount
51,000SF
70%Loan-To-Value
Acquisition & Rehabilitation: Financing
Overview
The Client used the proceeds from the financing to acquire the building with a transitional multifamily view and a strategy of rehabbing the property to unlock value in the rents. Koreatown is a booming location near downtown Los Angeles, and has seen significant residential growth over the past decade. Lotus was able to secure financing in the LIBOR plus mid-300 range, providing the Sponsor with the necessary pricing require to execute their value-add strategy. Lotus was also able to facilitate a 30-day closing for the financing at a 70% LTV with a West Coast debt fund.
