NEBO Arranges $6.2MM Acquisition Loan

NEBO Capital recently obtained acquisition and rehab finance for a vacant 43 unit multifamily building in Los Angeles. The building is a pioneering work of a well-known modernist architect. 

NEBO sourced a $6.2MM loan which funds 65% of acquisition cost and 75% of the improvement cost. Challenges included lack of parking and the vacancy of the building. An additional hurdle was that the developer projected a rent premium based on the architectural attractiveness of the building, which was a tough point to comp.

NEBO successfully closed the loan in approximately 2 weeks.

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