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JLL Secures $16.7M Construction Loan For 39-Unit Multifamily Complex In LA Koreatown

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FINANCED
$16,700,000
Bradley Vansant
Christopher (Chris) Collins

California

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MultiFamily
Financed 08/09/2023
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Property Image
FINANCED

JLL Secures $16.7M Construction Loan For 39-Unit Multifamily Complex In LA Koreatown

3050 W 11th St Los Angeles, CA 90006, USA

See Similar Deals
MultiFamily
Financed 08/09/2023
Bradley Vansant
Christopher (Chris) Collins
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan

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

Christopher (Chris) Collins
JLL
Christopher Collins
8 deals$95.1M volume
BROKER
Bradley Vansant
JLL
Bradley Vansant
10 deals$191.3M volume
BROKER
JD
Janone Development
LANDLORD

Details

FINANCED
IMAGE: Brad Vansant & Chris Collins DATE: 08/09/2023 ADDRESS: 3050 West 11th Street MARKET: Los Angeles ASSET TYPE: Multifamily ~ UNITS: 39 LANDLORD: Jannone Development - Marc Jannone BROKERS: Chris Collins & Brad Vansant - JLL (@JLL) LOAN AMOUNT: $16,700,000 LOAN TYPE: Construction Loan LOAN TERMS: 2 year, floating rate NOTE: JLL Capital Markets has secured a $16.7 million loan for The Hobart, a 39-unit upscale residential complex in LA's Koreatown. The project was developed by Jannone and offers diverse unit sizes, standing out in the area; the building was completed in 2023.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,700,000.00

Monthly NOI$111,333.33
Monthly Debt Service$105,555.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00