The Somerset

$1,995,000 Multifamily Loan from Bank

City: Los Angeles, CA

Loan amount: $1,995,000

Lender type: Bank

Property type: Multifamily

Size: 10 Units

Transaction description

Jacob Lee of PSRS arranged the $1,995,000 refinance of a multifamily property located in Los Angeles, California. The subject property consists of a 10-unit apartment community well-situated only a short walk to the Crenshaw/Expo Metro line. The property consists of one two-story, 5,760 SF building that houses 8 units. There are two additional ADUs alongside the south side of the building that adds two studio units making up 1,500 SF. Financed with bank execution, PSRS provided its borrower with a non-recourse loan, at 70% LTV with the ability to pull out additional equity in the future.