Talonvest Secures $21M Refi for CA Property
- Nov 13, 2017
Talonvest Capital Inc. secured $21.4 million in financing for LUXE 1801, a 109-unit garden-style apartment community in Alhambra, Calif. The fund is a non-recourse, three-year floating rate loan priced at a low spread over LIBOR and has interest only payments during the initial term. The loan was funded on balance sheet by a bank in the United States.
Bascom San Francisco acquired the property in 2015 and since then it has undergone interior and exterior renovations. The new cash out financing will provide funds to complete the remaining upgrades. The renovations include common area enhancements such as improvements of lobby and fitness center, landscape upgrades, exterior paint enhancements and the addition of a fire pit lounge and resident club room.
LUXE 1801 is situated at 1801 West Garvey Ave. and comprises a mix of one-, two-, and three-bedroom units, averaging 982 square feet. Community amenities also include controlled access, swimming pool, 140 fully covered parking spaces and a standalone rental office.
“Through Talonvest’s knowledge and negotiating influence, our loan amount increased $1.1 million while our interest rate decreased fifty basis points. They created a competitive environment for the loan and delivered results that exceeded our expectations,” said Calvin Ruan, principal of Bascom San Francisco, in prepared remarks. Talonvest Capital also arranged another loan for Bascom Group, to purchase Casanova Grove Apartments in Monterey, Calif.
Image courtesy of Yardi Matrix