November 14, 2017
Talonvest Capital, Inc. funded a $21.4 million refinance loan for Bascom San Francisco’s fully renovated LUXE 1801. The 109-unit garden style apartment community is located at 1801 W. Garvey Ave. in Alhambra, CA.
The asset was acquired in October 2015, and subsequently underwent significant interior and exterior improvements. The new cash-out financing will provide funds to complete remaining upgrades, including common area enhancements such as fitness center and lobby improvements, landscape upgrades, exterior paint enhancements, the addition of a fire pit lounge and resident club room.
The non-recourse, three-year floating rate, balance sheet loan is priced at a low spread over LIBOR, has interest only payments during the initial term, and affords several extension options.
The Talonvest team handling the transaction included Tom Sherlock, Erich Pryor, and Terra Hendrich.
For comments, questions or concerns, please contact Dennis Kaiser