Continental Partners Inc. Provides $34M Loan For Multifamily Property In North Hollywood

The multifamily property located at 11011 Otsego Street in North Hollywood has been involved in a recent transaction. The property has a total square footage of 122,913 and consists of 144 units. The transaction took place on September 6, 2019.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $34,000,000
• Loan Terms: 20 Year Fixed, 30 Year Amort, 3.57%, Non-Recourse
• Lender: Continental Partners Inc.
• Landlord: The Ivy at Noho, LLC
• Brokers: Brian Asheghian - Basheghian, Mitch Paskover - mitch8181

The financing for this transaction was arranged through Continental Partners Inc. The lender provided a loan of $34,000,000 with a fixed term of 20 years and an amortization period of 30 years. The loan has a non-recourse feature and carries an interest rate of 3.57%. The funding was secured based on a TCO at stabilization, without the need for any collection history.