Western Real Estate Business

MAY 2018

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

Issue link: https://westernrealestatebusiness.epubxp.com/i/978056

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Page 14 of 66

C A L I F O R N I A 12 • May 2018 • Western Real Estate Business www.REBusinessOnline.com JAMISON PROPERTIES COMPLETES 72-UNIT MULTIFAMILY PROPERTY IN LOS ANGELES' KOREATOWN LOS ANGELES — Jamison Proper- ties has completed the development of Maya, a multifamily property lo- cated at 535 Kingsley Drive in Los Angeles' Koreatown. Designed by Santa Monica, Calif.-based KFA, the seven-story property features 66 market-rate apartments and six affordable units in a mix of one- and two-bedroom layouts. On-site amenities include bicycle parking, clubhouse, gym, pool, courtyard and rooftop terrace. IBORROW PROVIDES $6 MILLION LOAN FOR SKILLED NURSING FACILITY LOS ANGELES — iBorrow, a pri- vate direct lender for commer- cial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Origi- nally constructed in 1965 and since remodeled, the facility sits on ap- proximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future. CIM GROUP STARTS CONSTRUCTION OF 333-UNIT APARTMENT COMMUNITY OAKLAND, CALIF. — CIM Group has started construction of a resi- dential development located at 40 Harrison St. at Jack London Square, a 12-acre entertainment and busi- ness destination on Oakland's waterfront. The eight-story prop- erty will feature 333 apartments in a mix of studio, one-, two- and three-bedroom floor plans, as well as 2,400 square feet of ground-floor retail space. On-site amenities will include communal gathering spots, outdoor terraces and lounges, fit- ness center, and a bike storage and care facility. Completion is slated for the end of 2020. The property is a continuation of CIM's redevel- opment of Jack London Square. In March 2016, CIM acquired seven buildings of Jack London Square that included three office buildings with ground- and second-floor re- tail, three retail buildings, a parking structure with ground-floor retail, and three land parcels, including 40 Harrison St. Maya, located at 535 Kingsley Drive in Los Angeles' Koreatown, features 72 apartments in a mix of one- and two-bedroom layouts. California's Premier Direct Private Money Lender Providing Equity-Based Lending For Real Estate Properties Investors | rehabbers | CorporatIons | probate estates | brIdge FInanCIng Stated Business Purpose Loans on Resident Properties (SFR, condo, PUD, 1-4 units) • Stated on O/O, N/O/O & Invest. • Refinances up to 65% LTV, $50K to $5 million • Purchases up to 70% LTV, min loan amount $50k to $5 million • Loan terms from 6 months to 10 years, fixed or amortized options available • Rates from 7.99% and up • 2nd position loans on O/O and N/O/O properties up to 60% CLTV • 5-7 day closing available • No appraisal options available Stated Apartments and Units (5+ residential units) • Up to 70% LTV on refinance and purchases • Loan limits $50K to $5 million • Stated & No Doc options available • Loan terms: 1 year, 3 year, 5 year, 7 year and 10 year, fixed IO or fully amortized • 2nd position loan available for commercial products up to 60% CLTV • 5-7 day closing available • No appraisal programs available Commercial (industrial, retail, warehouse, mix-use, gas station, auto related, manufacturing and etc) • Up to 60% LTV on refinances • Up to 60-70% LTV on purchases • Terms from 1 to 5 years, fixed or amortized Land Loan (max ltv 35% refinance, 50% purchase) CALL FOR DETAILS 877-686-6565 Office • 866-318-4471 Direct Fax • www.CalHardMoney.com • info@CalHardMoney.com PB Financial Group Corp NMLS #357614 / PB Financial Group Corp BRE # 01522495 Disclosures: **Per FDIC Regulations Section 6500, Part 226, Subpart C, 226.24. The amount of each payment that will apply over the term of the loan is based on simple annual interest applied to the unpaid balance. Loans range from 1 day to 60 months, are interest only and include a balloon payment due at term. Finance charges apply. Payments do not include amounts for property taxes or insurance premiums. This is not a commitment to lend. Rates and points are subject to change without notice.

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