The property involved in this transaction is a multifamily asset located at 5657 Virginia Avenue, Los Angeles, comprising 9 units with a total square footage of 13,088. The loan amount secured for this property is $3,700,000, facilitating a refinance to retire the construction loan on this newly constructed and stabilized multifamily structure with specific financing terms.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,700,000
• Loan Type: Refinance
• Loan Terms: Non-recourse permanent financing with 3 years interest-only at 5.99% fixed, rolling to SOFR + 2.50% on a 30-year term.
• Address: 5657 Virginia Avenue
• Market: Los Angeles
• Units: 9
• Square Footage: 13,088
• Lender: Patrick Matchett - EverBank
• Landlord: Kevin Zarabi - Eris Development
• Note: No lender fee.

Patrick Matchett from EverBank serves as the lender for this transaction, while Kevin Zarabi from Eris Development is the landlord associated with the property. The loan will enable the landlord to retire the initial construction financing, supporting the ongoing operation of the multifamily asset.