Michael Warner Of Pacific Southwest Realty Services Secures $6.8M Loan For North Hollywood Development Site
Ben Avenue
$6,800,000
Units
40
Asset Type
Development Site
Closing
Jun 3, 2026
AI
The asset involved is a development site located on Ben Avenue in North Hollywood, CA. The property is set for a 40-unit affordable housing project, reflecting a commitment to providing housing solutions in the area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,800,000
- Loan Type: Construction
- Loan Terms: two-year, interest-only
- Loan-to-Value Ratio: 65%
- Broker: Michael Warner - Pacific Southwest Realty Services (PSRS)
- Sponsor: MOBBIL Inc.
Michael Warner from Pacific Southwest Realty Services played a key role in securing the construction loan, effectively addressing the requirements of first-time developers. The involvement of the sponsor, MOBBIL Inc., was crucial in strengthening the equity structure to support lender approval for the project.
Avenue 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
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93