Foss Real Estate Partners Secures $8 Million Bridge Financing For West Covina Gardens Multifamily

The property asset involved is a 28-unit multifamily community located at 731 North Azusa Avenue, West Covina, California, comprising a total square footage of 22,428. The financing for this property was arranged as a bridge loan amounting to $8,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Market: West Covina
• Units: 28
• Square Footage: 22,428
• Borrower: Lee & Associates
• Landlord's Rep: Robert Horton & Will Stebbins - Foss Real Estate Partners
• Loan Type: Bridge
• Loan Terms: 80% LTC, 8.99% Fixed, Non-Recourse, Full Term I/O

This transaction involved the successful closing of financing to support renovations and the development of 12 new accessory dwelling units (ADUs), addressing the housing demand in the area. The financing was facilitated by Foss Real Estate Partners, which assisted from underwriting through closing, highlighting their role in lender negotiations and due diligence.