Mar Vista, CA

This property was purchased for $2,475,000 as raw land in July of 2018. The borrowers original construction loan was maturing and the project was 95% competed. Brenance structured a 12-month construction completion loan paying off the existing $9M loan, providing the remaining holdback funds to complete, and extending the time needed to obtain CO from the city and sell the units. All 6 units will be sold individually and are expected to sell for $14M+.