Updated Oct 29, 2024
Continental Partners Inc. Provides $5.9M Loan For Culver City Development Site
4367 Berryman Avenue, Culver City, CA, USA
$5,921,000
Building Size
—
Asset Type
Development Site
Closing
Feb 13, 2020
About this deal
AI
The loan of $5,921,000 was provided by Continental Partners Inc. for the purchase and refinance of unentitled land located at 4339 Berryman Ave & 4367 Berryman Ave in Culver City. The purpose of the loan is to fund a co-living development project on the site. The loan has a term of 12 months with a 55% loan-to-value ratio and an interest rate of 7.00%. The borrower has the option to extend the term to allow for more time to entitle the project. The loan was closed in less than 4 weeks.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $5,921,000
- Loan Terms: 55% LTV, 12 month term at 7.00%
- Address: 4339 Berryman Ave & 4367 Berryman Ave, Culver City
- Lender: Continental Partners Inc.
- Landlord: HC 4339 Berryman LLC
- Brokers: Brian Asheghian
The loan was facilitated by Brian Asheghian, representing the borrower, in the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.68%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93