Long Beach & Moreno Valley, CA
SALIENT DEAL POINTS
- Two retail centers crossed collateralized with maturing hard money loan
- Sponsor seeking financing to uncross the properties and provide capital to address environmental concerns on one property.
- Refinanced into 1 conventional and 1 hard money reducing debt service thus providing lower cost of capital & much needed liquidity.
- Tenant base was composed of 85% mom and pop businesses.
- 2 Years / IO
- Environmental Reserve provided
- Funding Source: Private Lender
- No reserves
- Funding Source: Local Bank