Updated Oct 29, 2024
Continental Partners Provides $7.34M Loan For Multifamily Property In Koreatown
150 N Berendo St, Los Angeles, CA, USA
$7,340,000
$328/SF
Building Size
22,376 SF
Asset Type
MultiFamily
Closing
Dec 25, 2019
About this deal
AI
The Palms Property No. 12, LLC, the landlord of a brand new 21 unit multi-family asset located at 150 N Berendo St in Koreatown, secured a refinance loan of $7,340,000. The loan, provided by Continental Partners Inc., is a 5-year fixed term with a 30-year repayment period. It carries an interest rate of 3.70% and has a stepdown prepayment penalty of 3%, 2%, and 1%. The loan is non-recourse, meaning the lender cannot pursue the borrower's personal assets in case of default. The property spans a total area of 22,376 square feet and comprises 21 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,340,000
- Address: 150 N Berendo St
- Market: Koreatown
Brian Asheghian of the agency represented the landlord, The Palms Property No. 12, LLC, in this transaction.
The loan obtained for the refinancing of the multi-family asset was successfully funded, allowing for the stabilization of the property.
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
2.16%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93