640 Main Street
Los Angeles, California
Deal Type: Reposition Loan
Project Type: Section 8 / multi family
Location: Los Angeles, CA
Investment Size: $45M
Property Size: 160K SF, 600 Units
The Sponsor acquired the site from St. Joseph’s Roman Catholic Church of Brooklyn in March 2018 and simultaneously entered into a 99-year ground lease. The project has all of its approvals and is zoned as of right. The Sponsor’s business plan is to construct an 88-unit, five-story Class B+ apartment complex and refinance the loan via traditional CRE lenders.