$8.5MM • Los Angeles, ca
Transaction Highlights
- Total financing of $8.5 MM
- LTC of 34.8% and Combined LTC of 76.7%
- Capitalized interest period of 18 months
- 29 year amortization
c-PACE:
$8.5MM
Location:
CA
Type:
New Construction
building:
Condominium
Term:
29 Years Fixed
Status:
Closed
Project Description
Bayview PACE provided a PACE loan for $8.5MM for the new construction of a condominium project. The project is located at 750 Irlo Street, Los Angeles, CA. The Sponsor, Chateau Group, was seeking construction financing for the Irlo Street Condominiums, a to-be-completed 33-unit building, 43,634 SF with 19,344 SF of an underground parking garage. The building will consist of twenty-five 2-bed/2-bath units with an average unit size of 1,129 square feet and eight 3-bed/2-bath units with an average unit size of 1,407 square feet. Each unit will have in-unit laundry and a balcony. Building amenities include an on-site gym and a rooftop deck. There will be 66 automobile parking spaces and 34 bike stalls. Construction is estimated to take 20 months to complete.
