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Property Description
This property was purchased for $2,475,000 as raw land in July of 2018. The borrowers original construction loan was maturing and the project was 95% competed. Brenance structured a 12-month construction completion loan paying off the existing $9M loan, providing the remaining holdback funds to complete, and extending the time needed to obtain CO from the city and sell the units. All 6 units will be sold individually and are expected to sell for $14M+.
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Property Details
Property Type
Bedrooms
LTV
70%
Size
14,467
LTC
64%
Year Built
2023
Property Location
11700 Charnock Rd, Los Angeles, CA, USA
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