Priority Capital Advisory (PCA) arranged a $22.8-million cash-out bridge loan for a newly developed 63-unit residential condominium project located at 904 to 906 S. New Hampshire Ave. in the Koreatown neighborhood of Los Angeles. The loan followed a $21-million land and predevelopment financing PCA arranged earlier this year for Grubb Properties at 1000 S. Vermont St., also in Koreatown.
Financed by Tryperion Holdings and developed by EGC Real Estate Group, Mosaika was completed this year and is currently selling the individual units to buyers. Situated on 0.34 acres, the eight-story building with one level of subterranean parking features one- and two-bedroom units, including 10 affordable units.
“Sourcing bridge financing for unsold condo inventory in today’s high-interest-rate environment is no easy task,” said Zachary Streit, Founder and President of Priority Capital Advisory. “Getting this deal done required close attention to structure and terms — including how and when units could be sold, how profits would be shared, and what cash reserves were needed.”
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