New Horizons Development Secures $50.6 Million Construction Loan From Preferred Bank For Development Site

The property involved in this transaction is a development site located at 1870 Ogden Drive in Burlingame. It features a building square footage (BSF) of 85,823 and a total square footage (SF) of 39,139.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $50,600,000
• Lender: Preferred Bank
• Borrower: New Horizons Development
• Broker: Raymond Lin - BluePoint Commercial Mortgage
• Loan Type: Construction
• Loan Terms: 2.5

This transaction involved multiple parties working together to facilitate the loan process. The lender, Preferred Bank, provided a significant construction loan to New Horizons Development, represented by broker Raymond Lin from BluePoint Commercial Mortgage.