Updated Oct 29, 2024
MHKT LLC Acquires Multifamily Property In Pico Union, Los Angeles For $2.26M With Loan From Continental Partners
1739 Magnolia Avenue, Central LA, Los Angeles, CA, USA
$2,255,500
$242/SF
Building Size
9,314 SF
Asset Type
MultiFamily
Closing
Jul 9, 2019
About this deal
AI
A multifamily property located at 1739 Magnolia Ave, Los Angeles, CA 90006 in the Pico Union market has recently closed a loan transaction. The loan amount of $2,255,500 was secured from Continental Partners. The loan terms were set at a fixed rate of 4.20% for a 7-year period, with a 30-year term and a stepdown prepayment option. The property spans a total of 9,314 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,255,500
- Loan Terms: 7 Year Fixed, 30 Year Term, 4.20%, Stepdown Prepay
- Address: 1739 Magnolia Ave, Los Angeles, CA 90006
- Market: Pico Union
The landlord of the property, identified as MHKT LLC, facilitated the loan transaction with the assistance of brokers Brian Asheghian and JM Grimaldi from Continental Partners.
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
7.03%
Cash-on-Cash
-2.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93