FINANCEDDevelopment Site
Continental Partners Provides $7.48M Construction Loan For Koreatown Development Site
$7,480,000
Building Size
—
Asset Type
Development Site
Closing
Nov 2, 2023
AI
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
Continental PartnersBrokerage
Continental PartnersLender
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93