Updated Mar 11, 2025
Northmarq Provides $7.4M Refinance Loan For Beverlywood Multifamily Development
1070 South Bedford Street, Los Angeles, CA, USA
$7,435,000
$1,290/SF
Building Size
5,761 SF
Asset Type
MultiFamily
Closing
Apr 8, 2021
About this deal
AI
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.
On the Map
$7,435,000
$1,290/SF
MultiFamily
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Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.13%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93