Philip Rahimzadeh Of Core Development Group Secures $41 Million Loan For Multifamily Conversion In Santa Ana
FINANCED
$41,000,000
California
See Similar DealsMultiFamily125,000 SF
Financed 11/22/2025
FINANCED
Philip Rahimzadeh Of Core Development Group Secures $41 Million Loan For Multifamily Conversion In Santa Ana
2700 Main Street
See Similar DealsMultiFamily125,000 SF
Financed 11/22/2025
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$328
Total Square Footage:125,000 SF
Transaction Type:Loan
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.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,000,000.00
Monthly NOI$273,333.33
Monthly Debt Service$259,147.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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