Continental Partners Inc. Provides $3.75M Construction Loan For Westchester Development Site At 5506 Thornburn St

A 12 unit development site located at 5506 Thornburn St in Westchester was recently involved in a loan transaction. The loan amount was $3,750,000 with a 7-year fixed construction to permanent loan term. The loan had an interest rate of 3.85% and was 70% of the total cost of the project. The building has a total square footage of 13,171.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,750,000
• Address: 5506 Thornburn St
• Market: Westchester
• Loan Terms: 7 Year Fixed Construction to Permanent Loan at 3.85% at 70% of cost
• BSF: 13,171
• Units: 12

The loan was provided by Continental Partners Inc. The landlord of the property is 2614 Chariton, LLC. The broker involved in the transaction was Brian Asheghian.

The construction period for the development project is 30 months, with extension options included. Once the project is stabilized, the loan automatically converts into a permanent loan at the same fixed interest rate. The loan term is for a total of 7 years.