A brand new 19 unit multifamily development project located at 1070 S Bedford St in Beverlywood has secured a refinance loan. The loan amount from northmarq''>northmarq'>Northmarq is $7,435,000 with a term of 10 years fixed and 5 years of interest only. The interest rate is set at 3.80% and it is a non-recourse loan.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,435,000
• Address: 1070 S Bedford St
• Market: Beverlywood

Brian Asheghian and Zalmi Klyne from Northmarq served as the brokers for this loan transaction. The borrowers were facing the maturity of their construction loan and needed a take out loan. Fortunately, the lenders were able to secure a 10-year fixed loan with 5 years of interest only, allowing the borrowers to refinance at a more favorable interest rate. The loan was funded as soon as the asset was stabilized, providing the borrowers with the option to cash out.