Paul Brindley and Peter Smyslowski of Holliday Fenoglio Fowler secured the three-year, adjustable rate acquisition and improvement loan for Sebren Development LLC through Cohen Capital. The non-recourse financing had a coupon indexed over the 30-day Libor and risk based spread of 3.25%. The $11.4 million dollar loan amount correlated to an 80% loan-to-total-capitalization, including $3 million of repositioning funds.
Sebren purchased the property from locally based investors and plans to use the financing for improvement in the properties, all of which were built in the late 1920's. The company specializes in the acquisition and redevelopment of vintage residential properties in the Los Angeles area. The three properties are at 832, 835 and 854 Oxford Ave.
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