$8,760,000 LOAN FOR MULTIFAMILY PROPERTY IN WESTLAKE, CA
Continental Partners successfully arranged a $8,760,000 refinance for a 56-unit multifamily property located in Westlake, CA.
Summary: Continental Partners successfully arranged a $8,760,000 refinance for a 56-unit multifamily property located in Westlake, CA. The Sponsor requested a fixed-rate, non-recourse loan with an interest-only component to pull-out vested equity for a new investment opportunity. Continental Partners provided competitive debt financing through a correspondent lenders Green Energy Program.
Opportunity: The Sponsor’s aforementioned property was riddled with problems, i.e. deferred maintenance and retrofitting requirements. Continental Partners identified innovative financing programs to minimize their going-in interest rate and optimize their cash-out proceeds to best assist the Sponsor in recouping equity in the property.
Result: By securing the Sponsor’s financing through a Green Energy Program, Continental Partners was able to save the Sponsor 20 bps on their initial rate; utilized 50% of their energy savings to increase the property’s NOI, increase their cash-out dollars; and saves the sponsor on average ~$25k per year.