Continental Partners Provides $8.96M Loan For Development Site On Brynhurst Ave In Hyde Park

A development site located at 6521 Brynhurst Ave in Hyde Park has been involved in a closed transaction. The loan transaction took place on December 24, 2020. The property is a development site with a building square footage (BSF) of 35,972. The loan was facilitated by Continental Partners, represented by Brian Asheghian and JM Grimaldi. The loan amount was $8,960,000. The terms of the loan include a 7-year fixed construction to perm loan at 70% of the cost, with an interest rate of 3.40%.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $8,960,000
• Address: 6521 Brynhurst Ave
• Market: Hyde Park
• BSF: 35,972

The loan was provided by Continental Partners, with Brian Asheghian and JM Grimaldi serving as the representatives for the lender. The loan terms involve a 7-year fixed construction to perm loan at a rate of 3.40% of the cost. The loan amount covers 70% of the cost and is applicable to a 41 unit development project in Hyde Park. Additionally, the loan includes a construction period of 30 months, with extension options available. After the construction period, the loan will automatically convert into a perm loan at the same fixed rate for the remaining 7-year period.