JLL Secures $16.7M Construction Loan For 39-Unit Multifamily Complex In LA Koreatown
3050 W 11th St Los Angeles, CA 90006, USA
$16,700,000
Building Size
—
Asset Type
MultiFamily
Closing
Aug 9, 2023
AI
The Hobart, a 39-unit upscale residential complex located at 3050 West 11th Street in Los Angeles' Koreatown, has secured a $16.7 million construction loan. Developed by Jannone Development and completed in 2023, this multifamily property offers diverse unit sizes, standing out in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,700,000
- Units: 39
- Address: 3050 West 11th Street, Los Angeles
- Market: Los Angeles
- Landlord: Jannone Development - Marc Jannone
- Brokers: Chris Collins & Brad Vansant - JLL
- Loan Type: Construction Loan
- Loan Terms: 2 year, floating rate
JLL Capital Markets facilitated the loan transaction for The Hobart. Chris Collins and Brad Vansant of JLL represented the developers, Jannone Development, in securing the $16.7 million loan. The financing will support the construction of this distinguished residential complex in the heart of LA's Koreatown.
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
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93