Continental Partners Provides $9M Loan For Multifamily Refinance In North Hollywood

The transaction involved a brand new 42 unit multifamily development project located at 11241 Otsego St in North Hollywood. The loan, provided by Continental Partners, amounted to $9,000,000. This 10-year fixed loan had an interest rate of 3.06% and was non-recourse with a stepdown prepayment option. The borrowers were able to refinance their construction loan, and the rate was locked at application. Despite the challenges posed by the COVID pandemic, there were no debt service holdbacks required, and the loan was funded in under 60 days.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $9,000,000
• Address: 11241 Otsego St
• Market: North Hollywood
• Lender: Continental Partners
• Broker: Brian Asheghian

Brian Asheghian, representing Continental Partners, played a key role in the transaction as the broker. His expertise and negotiation skills ensured that the borrowers obtained favorable terms for the loan. The takeout loan allowed the borrowers to cash out and secure a stable financing solution for the next 10 years. It's worth noting that the loan was structured on a non-recourse basis with a stepdown prepay option, providing the borrowers with flexibility and protection.