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.
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