Long Beach Assisted Living

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.

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  • Property Type Assisted Living
  • PurposeRefinance
  • Gross Annual Coupon9.95%
  • Loan Amount$9,300,000
  • Loan to Value38.9%
Location

Long Beach, CA

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