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Knighthead Launches Lending in CA with Trio of Loans
KH Funding CA, LLC, an affiliate of Knighthead Funding, LLC, originated its first three loans in the state totaling $13.85 million. The financings were secured by development sites for two multifamily projects in West Los Angeles, and a planned boutique hotel in Orange County (pictured).
Orange County-based developer Berk Development received a $5.5 million loan to fund predevelopment costs for The Wave at Dana Point, a 57-room, four-star boutique hotel on PCH in Dana Point expected to begin construction in Q3 2019. Amenities will include a full-service restaurant and bar, fitness center, outdoor pool, as well as a “Surfers Den,” which will provide affordable overnight lodging in a 50-bed hostel configuration. Proceeds from the 12-month loan will replace an existing bridge loan, as the developer finalizes construction plans, permits, and construction financing.
Los Angeles-based Cale Enterprises received two, separate, non-crossed 12-month, non-recourse loans of $5.2 million and $3.15 million for the acquisition of a 74-unit multifamily site and a 54-unit multifamily site, both in Palms on Los Angeles’ Westside.
For comments, questions or concerns, please contact Dennis Kaiser
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