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December 10, 2017
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Bascom San Francisco Refinances Renovated Alhambra Multifamily Property

11/14/17

Bascom San Francisco has refinanced its fully renovated LUXE 1801 Apartment Homes, a 109-unit, garden-style apartment community in the San Gabriel Valley city of Alhambra. The new $21.4 mil loan was arranged by Talonvest Capital.

The non-rent controlled property, located at 1801 W. Garvey Ave, is near downtown LA and Old Town Pasadena. It was acquired in October 2015 and has since undergone significant interior and exterior improvements.

The new cash-out financing, arranged by Talonvest’s Tom Sherlock, Erich Pryor, and Terra Hendrich, will provide funds to complete remaining upgrades including common area enhancements such as a 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 loan is priced at a low spread over LIBOR, has interest only payments during the initial term, and affords several extension options. The loan was funded on balance sheet by one of the fifty largest banks in the United States.




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