Eagle Group Finance has provided a $1.3 million loan to finance an 8-unit apartment building located in the Mid-Wilshire/Koreatown area of Los Angeles. The property is located in a highly desirable area between Hollywood and downtown. The area has seen an influx of retailers, restaurants, nightlife and boutique hotels over the past couple years.
Eagle Group Finance’s loan will be used to finance the acquisition of the property. The borrower plans to use a portion of the proceeds to upgrade the property, re-tenant and raise rents to the market, therefore enhancing its value. Upon stabilization, the borrower will either sell the property or hold it as an investment.