TRANSACTION OVERVIEW
Foss arranged $8,000,000 in bridge financing for West Covina Gardens, a 28-unit multifamily community in West Covina, California. The financing supports the sponsor's value-add business plan to renovate the existing property while developing 12 new accessory dwelling units (ADUs), increasing the property's density and long-term value in one of Los Angeles County's supply-constrained housing markets.
Foss partnered with the sponsor from initial underwriting through closing, structuring an $8,000,000 bridge loan at 80% loan-to-cost, fixed at 8.99%, non-recourse, with full-term interest only through a debt fund experienced in California multifamily and ADU financing. The team led lender negotiations, coordinated due diligence, and guided the transaction through closing, delivering a financing solution tailored to both the renovation program and planned expansion.
KEY FEATURES
28-unit value-add multifamily community with 12 planned ADUs
Bridge financing structured at 80% loan-to-cost with full-term interest only
Non-recourse execution through an experienced California multifamily debt fund
Financing supports both property renovation and future density expansion
Located in the supply-constrained Los Angeles submarket of West Covina
PROPERTY DETAILS
UNITS: 28 Existing | 12 Planned ADUs
SQUARE FEET: 22,428 Existing | 29,757 After Additions
LOT SIZE: 0.77 Acres