Continental Partners Provides $7.48M Construction Loan For Koreatown Development Site
FINANCED
$7,480,000
California
See Similar DealsDevelopment Site
Financed 11/02/2023
FINANCED
Continental Partners Provides $7.48M Construction Loan For Koreatown Development Site
Development Site
Financed 11/02/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
A development site located in Koreatown has secured a construction loan of $7,480,000. The loan, provided by Continental Partners, has a term of 24 months. The loan-to-cost (LTC) ratio is 65%, and the interest rate is based on the SOFR + 4.00%.
Summary of transaction details
- Asset Type: Development Site
- Market: Koreatown
- Lender: Continental Partners
- Loan Amount: $7,480,000
- Loan Type: Construction
- Loan Terms: 65% LTC at SOFR + 4.00% with a 24 Month Term
Brian Asheghian of Continental Partners represented both the borrower and the lender in this transaction.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,480,000.00
Monthly NOI$49,866.67
Monthly Debt Service$47,278.69
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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