Landmark Capital arranged financing for the acquisition of a 117 unit hotel building in downtown Los Angeles, CA.
Challenge of the assignment:
Although very well located, the property had been recently removed from the City of Los Angeles’ Residential Hotel Ordinance (RHO) and was still leased to tenants on a weekly and monthly basis. The borrower needed acquisition financing to take down the property and process plans for a conversion into a boutique hotel.
Landmark identified a lender that was comfortable with the in-place tenancy and provided short term financing at an attractive rate with a flexible prepay schedule.