LFB, on behalf of a repeat client and as part of a larger portfolio, recently arranged bridge financing on a maturing underlying acquisition loan for a to-be-developed luxury housing site in Culver City, CA. This third project, of a four project portfolio, is contemplated as a ground-up development of 5 luxury homes. The bridge loan was used to provide a longer runway to complete the project permitting process until such time as LFB will arrange for construction financing at RTI (ready to issue). The current property is just over 9,000 square feet in size and comprised of three bungalow style apartment buildings.
Plans for the project include the construction of 5 luxury townhomes designed as 2-story walk-up homes with subterranean parking. The homes will offer 3 bedrooms, 3 bathrooms and 850 square foot private rooftop terraces. Each completed home is expected to fetch roughly $2,200,000 at time of sale.
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