Continental Partners Refinances Multifamily Property At 5252 Willowcrest Ave. In North Hollywood For $9.19M

Located at 5252 Willowcrest Ave in North Hollywood, this multifamily property is a brand new development with a total of 25 units. With a square footage of 35,946, this property offers spacious living spaces for its residents.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $9,190,000
• Market: North Hollywood
• Lender: Continental Partners
• Brokers: Brian Asheghian & JM Grimaldi

Continental Partners provided the financing for this deal, offering a loan amount of $9,190,000. The loan type was a refinance, and the terms included a 10-year fixed rate with 10 years of interest-only payments at a rate of 3.40%. Additionally, the loan featured a stepdown prepayment structure.

Last year, when the property was still vacant, a bridge loan was structured to allow the borrower time to obtain a certificate of occupancy and lease up the asset. Once the property reached full occupancy, the borrower was able to cash out and secure a new 10-year fixed loan, taking advantage of the favorable terms.