Arixa Capital provided financing in the amount of $2,650,000 for the acquisition and renovation of a 11,641 square foot office/retail property located in Los Angeles, CA. The contract price is $2,825,000. Total estimated renovation budget is $750,538, of which Arixa will reimburse $550,000 (73%).
The property is a two story, office, retail building with subterranean parking. The class C building as 12 units and is located in the heart of Chinatown. Following the clients renovations, the buildings class will change from C to B/B+. The client plans to occupy space in the building. If the client occupancy is > 50%, an SBA loan will replace Arixa's financing. If the client's occupancy is > 50%, the client will obtain a permanent loan from a traditional capital source to replace Arixa's financing.
Loan Amount: $2,650,000
Term of Loan: 12 Months
Amortization: Interest Only