Beverly Hills Value-Add
Durant Drive, Beverly Hills, CA, USA
Property Type
Multifamily
Length
24 months > Term
Appraised Value
$8,000,000 Appraised Value /
LTV
60%
About this Property
I am purchasing these two properties who’s owner is about to default. They are located near Beverly Hills Highschool. I will be renovating them drastically and raising rents.
Listing Details
- Term: 24 months
- Appraised Value: $8,000,000
- LTV: 60%
- Status: vacant
- Property Type: Multifamily
- Purchase Price?: $5,000,000
- Listing Type: Multifamily
- ARV: $12,000,000
- Pro Forma NOI: n/a
- Building Size: n/a
- Land Area: n/a
- Occupancy: 0%
- Experience: 1-4 Deals
- Number of Units: 15
- Date Purchased: February 2020
Financials
- Loan Amount: $3,000,000.00
- Estimated Net Worth: $10,000,000
- Estimated Income: $450,000
Client Information
- Has the client used private money in the past?: Yes
- Has the client had any banckruptcy in the last 5 years?: No
- Client Background
- The client is a developer. He specializes in value-add deals similar to this. There is a project across the street of similar size that was recently remodeled and is commending very high rates. Down the street is the 10000 Santa Monica Apartment building which commends $12k for a 2b/2ba. The plan is here is to purchase the property quickly before the current owner defaults for a steep discount. Rearrange the unit mix of the property and add additional stories that are allowed by right, add amenities, and enhance the existing units. Once this is completed within 24 months he will arrange for traditional financing to refinance the property and pay-off the current lender.
Details
Loan Purpose
- Purchase
Role
- Developer
Listed by shah
- Profile Status
- Verified
