EBSC Lending Provides $16.3 in Financing to | MultifamilyBiz.com
IRVINE, CA - EBSC Lending provided a $16.3MM first-priority loan to Oasis Group secured by a 500-unit apartment community in Albuquerque, NM. The loan proceeds will fund the refinance of existing debt and a significant capital improvement plan. At closing, the property was 40% occupied with the remaining units in un-rentable condition. Considering the property’s poor condition, the capital improvement plan makes up approximately one-third of the loan proceeds, making the loan difficult...
Source: multifamilybiz.com