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126 South Manhattan Place, 1506 South Wilton Place & 1010 Fiske Boulevard
FINANCED

Ridge Capital Group Secures Cash Out Refinances And Financing For Multifamily Properties In Los Angeles And Florida

126 South Manhattan Place, 1506 South Wilton Place & 1010 Fiske Boulevard

MultiFamily
clock iconFinanced 1 year ago
Rodd Rahnama
Ethan Moradifar
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Summary

Loan
CALIFORNIA
MultiFamily

A cash-out refinance was secured on two multifamily investment properties in Los Angeles, resulting in a substantial reduction in interest rates. The properties are located at 126 S. Manhattan Place and 1506 S. Wilton Place. Additionally, the proceeds from these refinances were used to purchase a 50-unit complex in Cocoa, FL, located at 1010 Fiske Blvd.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $6,710,000
  • Market: Los Angeles, CA & Cocoa, FL

The cash-out refinance was facilitated by Ethan Moradifar and Rodd Rahnama from Ridge Capital Group. They were able to secure financing for their client's purchase of the property in Florida using the funds from the two refinances in Los Angeles. The loan terms for the refinances in LA were both 3.25% for a 5/1 adjustable-rate mortgage. The loan for the Florida property had an interest rate of 3.44% for a 5/1 adjustable-rate mortgage at a loan-to-value ratio of 70%.

To learn more about similar scenarios or for further information, you can contact Ethan and Rodd at (424) 284-9970 or via email at [email protected].

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Rodd Rahnama
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Details

Deal Summary
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FINANCED
IMAGE: Ethan Moradifar & Rodd Rahnama DATE: 07/30/2021 ADDRESS: 126 S. Manhattan Place, 1506 S. Wilton Place & 1010 Fiske Blvd. MARKET: Los Angeles, CA & Cocoa, FL ASSET TYPE: Multifamily LENDER: Luther Burbank Saving BROKERS: Ethan Moradifar (@EthanMoradifar) & Rodd Rahnama (@RoddRahnama) - Ridge Capital Group (@RidgeCapitalGroup) LOAN AMOUNT: $6,710,000 LOAN TERMS: Both LA properties were max cash out refinances at 3.25% 5/1 arm with funds used to purchase the FL property at 70% ltv 3.44% 5/1 arm NOTES: Ridge Capital Group secured cash out refinances for their client on two different multifamily investment properties in Los Angeles while also reducing the interest rate substantially. In addition, Ethan & Rodd were able to secure financing for the purchase of a 50 unit complex in Florida using the proceeds of the two previous transactions. To review any scenarios please feel free to reach us at (424) 284-9970 or via email at [email protected]

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Address126 South Manhattan Place, 1506 South Wilton Place & 1010 Fiske Boulevard

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