Updated Oct 29, 2024
Fulcrum - Alter Mile Group Provides $15.6M Construction Loan For MultiFamily Property On North Formosa Avenue, West Hollywood
1242 N Formosa Ave West Hollywood, CA 90046, USA
$15,600,000
$1,300/SF
Building Size
12,000 SF
Asset Type
MultiFamily
Closing
Jul 5, 2023
About this deal
AI
Located at 1242 North Formosa Avenue in West Hollywood, this multi-family property boasts 18 units and spans across 12,000 square feet. The property is part of a closed transaction, involving a construction loan.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $15,600,000
- Loan Type: Construction
- Loan Terms: Ground up construction loan
- Lender: Fulcrum - Alter Mile Group
- Broker: Jennifer Lopez - United Finance & Investments Inc
In this deal, the lending institution responsible for providing the construction loan is Fulcrum - Alter Mile Group. Representing the buyers in this transaction is broker Jennifer Lopez from United Finance & Investments Inc.
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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93