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Racquet Club Mezzanine Loan

  • Pillar, a Guggenheim Partners affiliate
  • Icn offering location Lancaster, CA

Mezzanine Loan Participation in Racquet Club Apartments

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  • Icn funding type
  • Icn funding meta
  • Posting
  • Loan
  • Total Raise: $1,260,000
  • Min. Investment: $25,000
  • Interest Rate: 9.00%
  • Maturity Date: December 2019
  • Property Type: Multifamily
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Deal strengths include Borrower principals’ extensive experience and financial strength, low vacancy levels at the Property and within the submarket, and planned capital improvements at the Property.
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As part of the acquisition, $1,138,000 ($5,690/unit) was escrowed at closing to fund capital improvements, including $500,000 ($2,500/unit) for interior upgrades.
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Rent levels at the Property as of loan closing were at the lower end of the competitive set identified by the appraiser. This coupled with the planned interior upgrades provide for upside rent potential at the Property.