David Harrison Secures $14.85M Construction Loan For Development Site In Los Angeles

The property involved in this transaction is a development site located at 2625 Cullen Street in the Los Angeles market. It encompasses a total building square footage of 40,900 and is intended for a construction project specifically designated as a 100% affordable ED1 development project. The loan amount sanctioned for this site is $14,850,000, structured as a ground-up construction loan with specific terms attached.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $14,850,000
• Loan Type: Construction
• Loan Terms: Ground Up Construction Loan for a 70 Unit 100% Affordable ED1 Development Project. 75% LTC at Prime + 0.50% for 24 Months with Extension Options
• Landlord: David Harrison
• Broker: Brian Asheghian - Convoy Capital

The key individuals involved in this transaction include David Harrison, acting as the landlord, and Brian Asheghian from Convoy Capital, representing the brokering services for this deal. The structure of the loan indicates an emphasis on facilitating development alignments and enhancing affordability through the provided financing terms.