Updated Oct 29, 2024
WPH Holdings Secures $46M Construction Loan For Development Site On West Washington Boulevard
720 West Washington Boulevard
$46,000,000
Units
122
Asset Type
Development Site
Closing
Sep 6, 2023
About this deal
AI
WPH Holdings, owned by Fariba Atighehchi, has secured a $46 million construction loan for a development site located at 720 West Washington Boulevard in Los Angeles. The loan was provided by Bank of Hope, with Kevin S. Kim representing the lender. The Federal Home Loan Bank of San Francisco also participated in the financing, with Ryan Donovan as their representative. Additionally, the Los Angeles City Government contributed $12 million towards the project.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $46,000,000
- Lender: Bank of Hope, Federal Home Loan Bank of San Francisco, Los Angeles City Government
- Landlord: WPH Holdings - Fariba Atighehchi
The loan type for this transaction is a construction loan. It is worth noting that WPH Holdings, in partnership with Las Palmas Housing, has recently developed the Washington View Apartments in Los Angeles. This senior housing community offers 122 units, with 91 of them designated for formerly homeless residents. The property includes support services, recreation rooms, and community spaces. The project received a $33 million loan from Bank of Hope, a $1 million grant from the Federal Home Loan Bank of San Francisco, and a $12 million contribution from the Los Angeles city government.
Players
Douglass Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93