Tailor Lofts

80,000 SF Mixed-Use Project
Los Angeles, CA

Buchanan Mortgage Holdings, LLC provided a $25.77 million bridge loan for the refinance and stabilization of a recently renovated historic building comprised of 58 loft-style apartments above 14,000 SF of ground floor retail in Downtown Los Angeles, California. Having experienced cost overruns and construction delays as a result of COVID-19, the sponsor was seeking a short-term bridge loan to refinance the maturing debt and fund remaining costs prior to stabilization. Due to the sponsor’s excellent execution of the renovation and significant cash equity contribution, Buchanan Mortgage Holdings, LLC was able to provide a bridge loan that closed within the desired timeframe and was cash-neutral to the sponsor, in addition to including a performance earnout that would be available upon achievement of minimum leasing hurdles.