Updated Oct 29, 2024
Patch Of Land Lending Provides $4.03M Construction Financing For 16-Unit Development Site In Koreatown
222 North Manhattan Place, Los Angeles, CA, USA
$4,033,250
$270/SF
Building Size
14,908 SF
Asset Type
Development Site
Closing
Mar 2, 2021
About this deal
AI
A development site located at 222 N. Manhattan Place in Koreatown was recently involved in a loan transaction. The loan was provided by Tameer Orevi from Patch Of Land Lending, and the loan amount was $4,033,250. The development site has a building square footage (BSF) of 14,908 and is owned by Manhattan Lofts Group. The loan terms included construction financing at 85% loan-to-cost (LTC) for 16 units, with an 18-month loan term. The loan was closed in just over 4 weeks using another lender's appraisal.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $4,033,250
- Address: 222 N. Manhattan Place
- Market: Koreatown
The brokers involved in this transaction were Avi Kohen from Hard Money Kohen. Avi Kohen represented the borrower in the deal, Tameer Orevi, who secured the loan from Patch Of Land Lending. Tameer Orevi and Avi Kohen played key roles in facilitating the loan process for the development site at 222 N. Manhattan Place in Koreatown.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.93%
Cash-on-Cash
-1.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93