First Financial Bancorp (FFB)Â successfully placed a $8,180,000 construction loan request on a 7-unit townhome development in Venice, California. Our client acquired these contiguous parcels in 2014 and 2017, respectively and had the lot-split and fully entitled.
Construction was initiated in December 2017 and at that time First Financial Bancorp was tasked with identifying a lender and title insurer that was comfortable financing this broken priority project. FFB’s Capital Partner was able to perform within a 45-day timeframe. The financing was based on 75% loan-to-cost at a rate of Prime+1.50. Other elements of the deal featured interest-only payments during construction and an interest reserve account for the 24-month construction period. The units will feature contemporary design and luxurious finishes. Total living area to be built is 17,528.
Kelly Sorensen and his First Financial Bancorp team are a full-service California and nationwide real estate mortgage company providing their clients with purchase, refinance, advisory and sales services on investment, commercial and construction properties.
Kelly Sorensen – Executive Vice President
(310) 993-9507 -Â kelly@kellysorensen.com
