Aaron Gal Secures $9.28M Construction Loan For Development Site In North Hollywood

The asset involved in this transaction is a development site located at 5614 Fulcher Avenue in North Hollywood. The property encompasses a total built square footage of 27,730. The loan amount associated with this site is $9,279,900, structured as a construction loan. This financing is earmarked for a 36-unit multifamily development project, with loan terms indicating a loan-to-cost ratio of 70% at Prime plus 1.00% for a duration of 24 months, inclusive of extension options.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $9,279,900
• Loan Type: Construction
• Loan Terms: Ground up Construction Loan for a 36 Unit Multifamily Development Project
• Loan-to-Cost Ratio: 70% LTC
• Interest Rate: Prime + 1.00%
• Loan Duration: 24 Months with Extension Options
• Address: 5614 Fulcher Avenue
• Market: North Hollywood
• Landlord: Aaron Gal
• Broker: Brian Asheghian - Convoy Capital

This transaction features key individuals including the landlord, Aaron Gal, who is overseeing the asset involved in the deal. The broker representing the transaction is Brian Asheghian from Convoy Capital, facilitating the financing arrangements for the development project.