Continental Partners Provides $17.7M Construction To Perm Loan For Sherman Oaks Multifamily Development

Continental Partners provided a 7-year fixed construction to permanent loan worth $17,700,000 for the development of a multifamily property located at 5020 Woodman Ave in Sherman Oaks. The loan amount represents 70% of the total cost, with an interest rate of 4.00%. The construction period spans 30 months and then transitions into a permanent loan with a 25 basis point reduction at 3.75%. Once the multifamily property is stabilized, the lender will conduct a reappraisal and offer the borrower the opportunity to cash out and add additional proceeds to the loan amount.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $17,700,000
• Lender: Continental Partners
• Broker: Brian Asheghian @BAsheghian
• Date: 05/31/2021
• Address: 5020 Woodman Ave
• Market: Sherman Oaks

Brian Asheghian from BAsheghian represented the buyer in this loan transaction. No additional details about other parties involved were provided in the context.