Glendale Land
Glendale, CA
We originated a $25 million 1st mortgage loan secured by 2.7 acres of urban infill land located in Glendale, CA. The loan was made to an experienced sponsorship group that intends to develop the parcel into 500+ multi-family units. The zoning and entitlements were in place at closing and the loan provided funds for acquisition, pre-development and an interest reserve.