Martin Stephens Secures $15.3 Million Construction Loan For 157 Unit Affordable Development In Los Angeles

The asset involved in this transaction is a development site located in Los Angeles, featuring a building square footage of 49,103. The landlord of the property is Martin Stephens. The transaction involves a construction loan amounting to $15,300,000 for a 157-unit, 100% affordable ED1 development project, structured with a 30-month loan term and extension options at SOFR + 3.15%, currently at 7.47% with a 65% loan-to-cost ratio and no prepayment penalties.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,300,000
• Loan Type: Construction
• Loan Terms: Ground Up Construction Loan for a 157 Unit 100% Affordable ED1 Development Project
• Loan Term: 30 Month with Extension Options
• Interest Rate: SOFR + 3.15% (7.47% today)
• Loan-to-Cost: 65%
• Prepayment: No Prepay
• Broker: Brian Asheghian - Convoy Capital

In this transaction, Brian Asheghian represents the landlord, Martin Stephens, facilitating the loan process while focusing on the development's unique affordable housing objective.