Rodeo Lending recently closed a $3,900,000 refinance on a 1950’s, vacant, 11 unit commercial building in the heart of Hollywood, CA. This cash out refinance was utilized to buy out the borrower’s partners and to provide a fund controlled amount allocated to fees for the future development of the building. The property is going to be developed into a state of the art 51 unit mixed-use structure. The project will incorporate co-working office space on the 1st floor, a Gym, swimming pool, and rooftop deck. When completed, the building will feature 51 studio and 1 bedroom units, a fully automated garage and a sleek wrapped in glass look. The owner will refinance out of Rodeo’s loan with a construction loan.
- 65% Loan to Value 12 Months
- Interest Reserve & reserves toward city fees for development