Philip Rahimzadeh Of Core Development Group Secures $41 Million Loan For Multifamily Conversion In Santa Ana

The property asset involves a multifamily conversion project located at 2700 Main Street in Santa Ana, comprising 148 units within a total area of 125,000 square feet. The loan amount for this construction project is $41,000,000 with a construction loan type aimed at converting a 12-story office building into 158 multi-family units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $41,000,000
• Units: 148
• Square Footage: 125,000
• Address: 2700 Main Street
• Market: Santa Ana
• Lender: Israel Discount Bank (IDB)
• Landlord: Philip Rahimzadeh - Core Development Group
• Broker: Steven Paskover - Walker & Dunlop

The deal involves key individuals including Philip Rahimzadeh, who represents Core Development Group, overseeing the landlord's interests in the transaction, and Steven Paskover, acting as the broker represented by Walker & Dunlop, facilitating the successful arrangements related to the loan and property conversion.