Bijan Saremi & Max B. Mellman Of Max Benjamin Partners Secures $18.3M Bridge Loan For 15-Unit Condo In Los Angeles

This transaction involves a 15-unit condominium project located in the heart of West Los Angeles. The asset recently completed construction and offers a strategic location benefiting from its proximity to UCLA, Brentwood, and Century City. The project addresses the need for housing in a highly sought-after submarket.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $18,300,000
• Loan Type: Bridge
• Loan Terms: 70% LTV; 9.37% Interest Rate; 12 Month Term
• Brokers: Bijan Saremi & Max B. Mellman - Max Benjamin Partners

The loan was secured by MBP for a repeat borrower, facilitating a cash-out refinance prior to the issuance of the Certificate of Occupancy. This allowed the sponsors to recoup some equity and provided time for the start of unit sales. This marks MBP's sixth loan closing with the sponsor, highlighting a strong ongoing relationship.