Located in Long Beach, California, the subject property is a 64,090 square foot property originally built in 1929 that is being renovated into a high end assisted living facility with 56 rooms, 82 beds, a rooftop garden, retail amenities and ocean views. The borrower has spent over $1,067,751 on renovations, with $5,085,317 left to complete. Large ticket items remaining include HVAC, electrical and lighting, and some plumbing work. The build out is scheduled to be completed by November of this year.
Long Beach, CA