Condominium Conversion in Downtown Los Angeles

Borrower		A developer in Los Angeles, CA
Loan		A $6,525,000 three year loan at 10% for the first year and 18% for the second and third years.
Collateral		A first mortgage on an 85,750 square foot, six-story loft building, in South Santee Street Los Angeles, California.
Guarantors		The principal of the borrower
Purpose		The loan enabled the borrower to close on the purchase of the building.
Exit strategy		The building is currently occupied by a variety of retail and industrial users. The Borrower plans to empty the building and convert it to residential condominiums.
Outcome		The loan is current