Private Money Lender Brooktree Announces $2.4M Refinance Loan in Downtown Los Angeles
LOS ANGELES, March 2, 2021 – Brooktree Advisors, Inc announced Friday that it has provided a $2,400,000 refinance loan for a 149-unit multifamily development site in Los Angeles, CA.
The 0.31 AC site sits across three parcels and is fully entitled for a 149-unit affordable housing multifamily development. The project will feature a ~40,000 sq. ft. building with a 4,000 sq. ft. rooftop recreation area, a 4,100 sq. ft. common area with a community room and courtyard, and 110 bicycle parking spaces.
The Borrower received housing vouchers in April 2020 and applied for tax-exempt bonds in May 2020. Although the bonds and tax credits were allocated on September 16th, they were not immediately available for utilization. The Borrower therefore required a short-term, one year loan to refinance their existing debt. This refinance provides the Borrower the required time to execute a competitive marketing process to select their tax credit and bond investors as well as work through the corresponding partnership and loan documents.
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.
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