$1.7M bridge loan on a 9,500 SF residential lot

Transaction Description:

$1.7M bridge loan on a 9,500 SF residential lot

Apartment Development Site

West Hollywood, California

65% LTV                           

Non-Recourse   

Cash-Out for Pre-Dev Costs

Private Lender

$1.7M bridge loan on a 9,500 SF residential lot located in West Hollywood, CA. The use of funds is to refinance the current loan and provide pre-dev capital (cash out) for the sponsor to revise their residential development plan. 
 
The project should be ready to break ground before summer 2022. Mandri Capital has closed multiple loans for this locally-based, institutional client across property types.