29 Mixed-Use Residential/Office Condo Project (94% Complete) Southern, CA

[George Lara]

Known minimum bid $7.5MM and in final bids this week.

 

1. Direct to Bank
2. Ratified Bank NDA Required for full detailed package
3. Non- Performing Construction note
4. 90% Complete (final map approval from City after satisfaction of all conditions and project completion)
5. 3 stories of wood frame/stucco construction over two levels of steel frame & subterranean parking
6. 26- attached flat residential units
7. 3 - office condominium units
8. Total net rentable area of 47,912 square feet
9. Office units range from 2,793- 3.124 square feet
10. One office condo per each floor
11. Residential condos range in size from 949 SF- 1,716 SF
12. Unit configurations are: 25- 2BR/2BA Units and One 1BR/1BA Unit
13. Average residential unit size is 1,495 SF
14. Unpaid Balance of loan is: $10.4M + accrued interest
15. Strike Price approved by bank at $7.5M as follows:

a.    Bank prefers a leveraged purchase at 70% LTV (30% down by purchaser) with a 7% floor rate (2 + prime for 2+ years)

b.    Cash offer acceptable at $7.3M (all offers must be accompanied by “Proof of Funds”, bank requirement)

c.    All offers must have short “Due Diligence” periods + a short close date

16. NOD Filed, Unknown
17. Borrower has agreed with bank not to file a BK
18. Project does not have a WRAP Insurance Policy est. $150k-200k
19. Bank just paid a $100,000 to rectify a Mold Remediation problem
20. Unknown guarantees or cross collateral which is available with file review
21. Make offer “subject to” file inspections

Buyer to make own evaluation

 

Buyers only please: E-mail me at [e-mail]

[Richard Chhor]

George,

Is the property still available? and what is the address?
I do have buyers for this. Please email me: [e-mail]


Richard