The subject property is an 8-unit apartment building located in the Mid-Wilshire/Koreatown area of Los Angeles. This area has become a highly desirable area over the past couple of years, as it’s sandwiched between Hollywood and Downtown Los Angeles. The revival of downtown has spread to adjacent areas such as Koreatown, and the area has seen an influx of retail, restaurants, nightlife, and a large boutique hotel over the past couple years. The borrower plans to use a portion of proceeds to upgrade the property, re-tenant and raise rents to market, thereby enhancing the value.
Los Angeles, California