A development site located at 1120-1124 S Serrano Ave in Koreatown has recently been involved in a closed transaction. The property consists of 36,840 square feet and is classified as a development site. The transaction took place on 11/01/2019 and was captured through an Instagram post by Brian Asheghian (@Basheghian) and JM Grimaldi (@watchtog). The property is owned by Serrano Square LLC.

Summary of transaction details

• Address: 1120-1124 S Serrano Ave, Koreatown
• Market: Koreatown
• Asset Type: Development Site
• Loan Amount: $12,620,000
• Loan Terms: 10 Year Fixed, 4.10% rate at 75% LTC
• Total Square Footage: 36,840
• Number of Units: 52
• Lender: Continental Partners
• BROKERS: Brian Asheghian - Basheghian & JM Grimaldi - watchtog

The transaction involved a loan from Continental Partners. The loan amount was $12,620,000 with a fixed term of 10 years and an interest rate of 4.10%. The loan was provided at 75% loan-to-cost ratio. The development project, consisting of 52 units, will be financed through a 10-year fixed construction-to-permanent loan.