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
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