1835 Greenfield Ave

Entitled, Vacated, Never Built. Sold the Week the Loan Was Due.

This one had a clock on it. The property was purchased for ground-up development. The owner went through the Ellis Act to vacate all fourteen units, got the project fully entitled, and then never built. Construction costs, rate changes, the usual reasons projects stall. Meanwhile the loan was coming due. We got the listing and found a buyer who saw the opportunity: a fully entitled 14-unit site in West LA, ready to go. Closed the sale the same week the loan matured. One week later and this would have been a very different conversation.

Transaction Highlights

• Fully entitled for ground-up development. Units vacated via Ellis Act.
• Sold the same week the construction loan came due
• $349K per door for an entitled West LA development site
• Timing was everything. One week made the difference.