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706 West 85th Street

Pastor Martin Porter Of Logos Faith Development Secures $15M Construction Loan In Los Angeles
FINANCEDDevelopment Site

Pastor Martin Porter Of Logos Faith Development Secures $15M Construction Loan In Los Angeles

706 West 85th Street

$15,000,000

Units

62

Asset Type

Development Site

Closing

May 5, 2026

AI

The property asset involved is a development site located at 706 West 85th Street in Los Angeles. The site is intended for a construction project focusing on affordable housing. The loan amount secured for this project is $15,000,000, aimed at facilitating the development of St Rest Phase One, which will include 62 affordable housing units on church-owned land.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $15,000,000
  • Lender: Sunflower Bank
  • Landlord: Pastor Martin Porter - Logos Faith Development
  • Loan Type: Construction

This transaction represents a partnership between Sunflower Bank and Logos Faith Development, spearheaded by Pastor Martin Porter. The project is part of a larger two-phase plan that aims to deliver a total of 138 units along with a new church facility, reflecting a commitment to addressing affordable housing needs in Southern California.

Players

SB
Sunflower BankLender

Pastor Martin Porter

Logos Faith Development

Landlord

$15M

vol

1 deal

Landlord

Los Angeles Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.06%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93