303 3rd Street

$6,075,000 bridge loan secured by a first mortgage on a 13,760 square foot, single unit, retail building located in Huntington Beach, CA. The property is well-located in Huntington Beach, ½ block off Main Street, the main retail/commercial corridor, two blocks from Pacific Coast Highway and three blocks from the beach. The loan proceeds were used to purchase and renovate the property. The property had been leased by 24 Hour Fitness since 1996. The lease was at well below market rent when the borrower purchased the property in 2016. Upon expiration of the lease at year end, the property was completely renovated and subdivided. The Borrower intends on opening up the façade to create a more modern glass storefront and canopies. Once renovations are completed, each unit was leased at market rents.