Inland Mortgage Capital announces the closing of a $3,000,000 non-recourse bridge loan on a multifamily property in California.
The seller owned the property for decades and the existing rents were below market levels. The Borrower is planning to provide interior and exterior renovation to allow for rents consistent with market levels. IMC provided future funding for the renovations.
As usual, Inland does not charge interest on undisbursed funds.
The 26-unit complex, located in Long Beach, was 100% occupied at the time of closing.
Inland Mortgage Capital saw many positive aspects to this deal, namely strong demographics, a history of strong occupancy levels at the property, and a great location. The property itself is only 23 miles south of downtown Los Angeles and is located within walking distance of retail stores and public transportation.
Additionally, this property’s Sponsors are repeat Borrowers, and have ample experience in the Long Beach market as well as with value-add properties.