Jannone Development Secures $20 Million Refinancing For 39-unit Multifamily Property In Los Angeles

The asset involved in this transaction is a 39-unit multifamily property located at 3050 West 11th Street in Los Angeles. This property is designated for conversion into for-sale condominiums as part of its refinancing process. The loan amount secured for this asset is $20,000,000, which involves floating-rate terms.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,000,000
• Address: 3050 West 11th Street
• Market: Los Angeles
• Loan Type: Refinance
• Units: 39
• Landlord: Marc Jannone - Jannone Development
• Brokers: Chris Collins, Bradley Vansant & Emily Pohlman - JLL

JLL Capital Markets facilitated the refinancing arrangement for Jannone Development to assist in the property’s transition into condominiums. Chris Collins, Bradley Vansant, and Emily Pohlman played a crucial role in representing the borrower to secure the financing from a private lender.