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509-513 Douglas Street
FINANCED

Continental Partners Provides $2.812M Bridge Loan For Multifamily Project In Los Angeles

509-513 Douglas Street

MultiFamily
11,454 SF
clock iconFinanced 99 days ago
Dave Brelian
JM Grimaldi
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Summary

Loan
CALIFORNIA
MultiFamily
11,454 sqft

The multifamily property located at 509-513 Douglas Street in Los Angeles spans 5,727 square feet. The asset consists of 12 units and served as the focus of a recent transaction involving a bridge loan. The lender, Continental Partners, provided a loan amount of $2,812,000 to the landlord, Darryl White, for the completion of the property project.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,812,000
  • Units: 12
  • Square Footage: 5,727
  • Address: 509-513 Douglas Street
  • Market: Los Angeles
  • Lender: Continental Partners
  • Lender's Rep: JM Grimaldi & Dave Brelian - Continental Partners

The bridge loan was successfully secured by the Sponsor to aid in the completion of the 12-unit project near downtown Los Angeles. Furthermore, the loan, structured at 93% of the total project cost, aims to deliver more affordable housing units to the greater Los Angeles area. The additional funds accessible upon stabilization provide additional support for the project's success.

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Dave Brelian's profile picture
Dave Brelian
Continental Partners-image
Associate

Details

Deal Summary
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FINANCED
IMAGE: JM Grimaldi & Dave Brelian DATE: 03/29/2024 ADDRESS: 509-513 Douglas Street MARKET: Los Angeles ASSET TYPE: Multifamily ~ UNITS: 12 ~ SF: 5,727 LENDER: Continental Partners LANDLORD: Darryl White LENDER'S REP: JM Grimaldi (@Watchtog) & Dave Brelian (@DaveBrelian) - Continental Partners (@ContiPartners) LOAN AMOUNT: $2,812,000 LOAN TYPE: Bridge Loan NOTE FROM LENDER'S REP: Continental Partners' JM Grimaldi and David Brelian successfully placed another $2.812.812 million construction completion request near downtown Los Angeles. This bridge provided capital for the Sponsor to finish the 12-unit project. Good news money also allows the Sponsor to tap into additional funds upon stabilization. The loan was structured at 93% of total project cost, helping deliver more affordable units to the greater Los Angeles area.

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Address509-513 Douglas Street

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