An $8,700,000 bridge loan was successfully placed by Continental Partners for the property located at 5252 Willowcrest Ave in North Hollywood. The loan has a 12-month term and a fixed interest rate of 4.90%. It is non-recourse and does not have a prepayment penalty. The property, a multifamily asset, had exhausted its construction financing interest reserve and had yet to receive its certificate of occupancy at the time of funding. This means that no leasing was in place. Despite these challenges, the deal closed in less than 2 weeks.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,700,000
• Loan Terms: 12 Month Term, 4.90% Rate, Non-Recourse, No Prepay
• Lender: Continental Partners
• Brokers: Brian Asheghian, JM Grimaldi

The bridge loan provided by Continental Partners was crucial in helping the property at 5252 Willowcrest Ave secure the necessary financing after exhausting its construction financing interest reserve. The loan has a fixed interest rate of 4.90% and is interest-only. Despite the property not having its certificate of occupancy and no leasing being in place, the deal closed in less than 2 weeks, thanks to the efficient execution by all parties involved.