Bolour has completed an $11.5 million land loan, funding the purchase of two land parcels in downtown Los Angeles for a brand new modular multifamily development.
Location: 129 W. 3rd Street & 240 S. Spring Street, Los Angeles
Loan Amount: $11.5MM
Sector: Multifamily
Term: 24 Months
LTV: 70%
“This loan allowed our borrower to assemble and quickly close on two adjacent land sites – giving them the time and flexibility needed to entitle the combined site for 331 modular multifamily units and approximately 5,500 square feet of ground-floor retail. As we enter a new cycle in the market, this development will become one of Downtown LA’s premier mixed-use projects. BOLOUR was excited to work with Jeff Sause from JLL on the transaction.”Steven Simantob, Debt Orignations
Bolour offers competitive, reliable lending in 18 markets across the U.S. and for a broad range of product sectors. Visit bolourassociates.com/lending for more information or contact Steven Simantob directly at 323.677.0550 x133 or stevens@bolourassociates.com.
