Class C Motel Acquisition West Adams, Los Angeles, CA

 

Funding Source: Private local debt fund

 

  •  $2,850,000
  •  8.99% Interest Rate & 1 point in
  •  1 Year interest only with extensions
  •  Underwritten to pro‐forma
  •  80% loan to cost
  •  2 week close
  •  Barely operational 36 key motel
  •  1/3 of rooms under rent controlled
  •  Challenging neighborhood
  •  Sponsorship credit issues