Source: Talonvest Capital / #Apartments #Multifamily
IRVINE, CA - Talonvest Capital announced the successful funding of two value add bridge loans totaling $20,000,000 for The Bascom Group. Talonvest sourced and successfully negotiated with a regional bank for an $11,500,000 loan for the acquisition of a Harvard Villas, a 64-unit property in Torrance, California, and an $8,500,000 loan for the purchase of Pebble Cove Apartments, a 90-unit apartment community in Las Vegas, Nevada.
The $8.5M loan for the Las Vegas property featured a three-year term with interest-only payments for the first 30 months, one three-year extension option and no prepayment penalty. The $11.5M loan for the Torrance property featured a four-year term with interest-only payments for the first 30 months, one one-year extension option and no prepayment penalty.
Pebble Cove Apartments is a garden style multifamily community consisting of eight buildings situated on a 4.13-acre site ideally located only 2.9 miles from the Las Vegas Strip and 4.5 miles from downtown Las Vegas. Bascom plans to implement a substantial renovation program including interior and exterior upgrades, as well as amenities.
Harvard Villa Apartments is situated on a 1.66-acre site centrally located in the South Bay region of Los Angeles. Bascom purchased Harvard Villa in an off-market transaction from a private owner and plans to implement a third-party management and construction team to reposition and rebrand the property.
Jerry Fink, Managing Partner of Bascom, commented, "Talonvest took the time to understand our needs and then tailored a strategy to fit those needs. Although both properties had underwriting challenges, they created a competitive environment for the debt financing and greatly exceeded our expectations." Talonvest Principal Tom Sherlock added, "We're pleased to have established a new lending relationship for Bascom and are excited to continue providing valuable insights on the capital markets as we grow our relationship." The Talonvest team handling the transaction included Erich Pryor, Eric Snyder, and Tom Sherlock.