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7408 South Figueroa Street

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

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

$15,300,000

Building Size

Asset Type

Development Site

Closing

May 22, 2025

AI

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.

Players

Brian Asheghian

Convoy Capital

Broker

$389.7M

vol

55 deals

Broker

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

1.04%

Cash-on-Cash

-0.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93