Updated Oct 28, 2024
Intergulf Development Group Secures $66M Construction Loan From Churchill Real Estate In Westlake Multifamily
495 Hartford Avenue, Los Angeles, California 90017, United States
$66,000,000
$330/SF
Building Size
200,000 SF
Asset Type
MultiFamily
Closing
May 25, 2022
About this deal
AI
A construction loan has been secured by Intergulf Development Group for a multifamily property in Westlake. The property, located at 495 Hartford Ave., spans approximately 200,000 square feet. Churchill Real Estate provided the loan, totaling $66,000,000. The loan is a stretch-senior construction loan with non-recourse terms.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $66,000,000
- Address: 495 Hartford Ave.
- Market: Westlake
- Loan Type: Construction
- Lender: Churchill Real Estate
- Landlord: Intergulf Development Group
Churchill Real Estate continues to actively provide stretch-senior construction loans in the multi-family space. Jeff Rosenfeld, Co-Head of Originations at Churchill Real Estate, can be reached at [email protected]. Sean Robertson, also Co-Head of Originations, can be contacted at [email protected].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93