Brooktree Fund Provides $2,150,000 Refinance and Construction Loan for 10-unit Multifamily Development in Los Angeles, CA
LOS ANGELES, February 25, 2021 – Brooktree Advisors, Inc announced Friday that it has provided a $2,150,000 construction loan for a 10-unit multifamily development in Los Angeles, CA.
The 8,450 SQ FT lot is entitled for three separate structures totaling approximately 11,412 SQ FT of living space. The development will consist of a mix of 2 – 1bd/1bth units at 540 SF each, 2 – 2bd/1bth units at 1,040 SF each, and 6 – 3bd/3bth units at 1,374 SF each.
The subject property is located in an area with a high demand for section 8 housing; therefore, the Sponsors intend to lease the subject property to section 8 tenants resulting in an estimated monthly rent of $24,446 per section 8 Voucher Payment Standards. Taking into account estimated rents and capitalization rates for the area, the Sponsor estimates the value for the completed project at $3,900,000.
The property is located within the new Connect Southwest LA specific plan, which establishes new zoning for a roughly 658-acre area bounded approximately by Vermont Avenue to the east, 110th Street to the north, 120th Street to the south, and Wilton Place to the west. Notable landmarks within the district include Los Angeles Southwest College and Metro’s Vermont/Athens light rail station in the median of the I-105 Freeway. Connect Southwest L.A. is the third “Transit-Oriented District” plan adopted by Los Angeles County to capitalize on transit hubs.
Brooktree Fund is a private money lending fund capable of funding loans in 5 to 7 business days. With over $100M in loans funded the private money lender provides loans for non-owner occupied commercial, industrial, land, and residential real estate in California. Loan types include rehab, fix and flip, acquisition, construction, and refinance.
Investor and/or Media Contacts:
T: (310) 986-6240