Buchanan Mortgage Holdings, LLC (BMH), an affiliate of Buchanan Street Partners, L.P., provided a 12-month, $49,000,000 non-recourse bridge loan secured by a recently completed Class A, mixed-use property comprised of 127 multifamily units above 9,500 SF of ground-level retail in Azusa, CA. The property is still in the initial lease-up phase and was 85% leased at closing. Located in the heart of Downtown Azusa, the transit-oriented community provides residents with immediate access to the Metro Gold Line station, essential retail and dining, as well as a desirable on-site amenity package that includes secured structured parking, multiple resident lounges, a courtyard pool, and fitness center.
BMH provided the original construction loan for the subject property in March 2022 and was able to secure this bridge loan despite a competitive lending landscape for multifamily bridge loans in today’s market. The new loan terms included a material spread reduction, additional proceeds to cover future carry costs through stabilization, and prepayment flexibility that will allow the borrower to refinance with a permanent loan upon stabilization. We are pleased to have retained this business and continue our relationship with the sponsor, a seasoned Los Angeles-based owner-builder with whom we have successfully closed multiple transactions.
ABOUT BUCHANAN MORTGAGE HOLDINGS, LLC
Buchanan Mortgage Holdings, LLC, an affiliate of Buchanan Street Partners LP, originates non-recourse bridge and construction loans for the acquisition, development, renovation, recapitalization or refinance of commercial real estate located in primary and secondary Western U.S. and Texas markets. The company utilizes its own balance sheet and fully discretionary lending capabilities to provide certainty of execution within short timeframes, flexible loan structures and creative financing solutions. Our extensive experience as an owner and operator of commercial real estate allows us to understand what our borrowers need to successfully execute their business plans and maximize the value of the underlying real estate.
