Cathay Bank Provides $48.5M Bridge Loan For Multifamily Property In Glendale

The property asset involved in this transaction is a multifamily building located at 520 North Central Avenue in Glendale. It comprises 98 units and has a total square footage of 124,925. The loan amount secured for this asset is $48,500,000 under a bridge loan format, with a rate of 7.22%, a fixed term of 3 years, a loan-to-value ratio of 57%, and a prepayment schedule of 3/2/1.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $48,500,000
• Address: 520 North Central Avenue
• Market: Glendale
• Units: 98
• Square Footage: 124,925
• Lender: Cathay Bank
• Loan Type: Bridge
• Loan Terms: 7.22% Rate, 3-YR Fixed, 57% LTV, 3/2/1 Prepay
• Brokers: Sharone Sabar & Stefen Chraghchian - Marcus & Millichap

This transaction involved the broker representatives Sharone Sabar and Stefen Chraghchian, who are associated with Marcus & Millichap. They played a significant role in facilitating the financing for the multifamily asset, aligning the terms of the bridge loan with the investor's requirements.