BMH Closes Three CA Loans Totaling $55M

Newport Beach, CA-based Buchanan Mortgage Holdings, LLC (BMH) has closed three loans totaling $55 million for a land, office and multifamily property in California. “We are thrilled to continue building upon BMH’s successful track record of providing financing solutions to our clients, particularly in our home state of California,” said Scott Magoffin, Buchanan’s Head of Debt Originations.

Details of the three loans:

• The land financing is a $12 million non-recourse bridge loan for a 12.5-acre development parcel in north San Diego County, CA. The loan will be used to refinance existing debt and provide the sponsor time to complete preparations for a proposed hotel (pictured).
• The office financing is a $14.5 million bridge loan for the acquisition and conversion of a four-story office building into condominiums in Hermosa Beach, CA.
• The multifamily financing is a $28M bridge loan to finance the acquisition and value-add conversion of the DoubleTree Suites by Hilton into a 158-unit apartment community in Rancho Cordova, CA.