First Foundation Bank Provides $10.1M Loan For Multifamily Property At 165 N. Michigan Avenue In Pasadena

The multifamily property located at 165 N. Michigan Avenue in Pasadena has recently undergone a cash-out refinance after a significant building reposition. The property is owned by Simon City LLC and has the following characteristics:

• Address: 165 N. Michigan Avenue
• Market: Pasadena
• Asset Type: Multifamily

Summary of transaction details

• Property Type: Multifamily
• Transaction Date: 12/03/2020
• Market: Pasadena
• Lender: First Foundation Bank
• Loan Amount: $10,095,00
• Loan Terms: 3.30% 5-Year Fixed, 4-Years I/O, 58% LTV, 3-1-1-1% Prepay, Non-Recourse
• Landlord: Simon City LLC
• Broker: Gianni Novo - @NovoCP

The loan for this transaction was provided by First Foundation Bank. Gianni Novo from Novo Commercial Properties represented the parties involved in this deal. The loan terms include a fixed interest rate of 3.30% for 5 years, with 4 years of interest-only payments. The loan has a loan-to-value ratio of 58% and a prepayment penalty of 3-1-1-1%. It is important to note that the loan is non-recourse, meaning the lender does not have recourse to the borrower's other assets in case of default.