Updated Oct 29, 2024
Continental Partners Inc. Secures $5.5M Loan For Multifamily Property In MacArthur Park
744 Hartford Ave, Los Angeles, CA, USA
$5,500,000
$245/SF
Building Size
22,405 SF
Asset Type
MultiFamily
Closing
Apr 22, 2020
About this deal
AI
A loan of $5,500,000 was secured by San Saba LLC for a brand new development project in MacArthur Park. The loan terms include a 10 year fixed rate of 3.35% with a 30 year amortization schedule. The loan has a 50% recourse and stepdown prepayment option. Continental Partners Inc. acted as the lender in this transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,500,000
- Address: 744 Hartford Ave
- Market: MacArthur Park
- Loan Terms: 10 year fixed, 30 year amort, at 3.35% with 50% recourse and stepdown prepay
Continental Partners Inc., represented by Brian Asheghian and JM Grimaldi of ContiPartners, assisted in securing the loan for this multifamily property in MacArthur Park. The loan closed during a mandatory countywide "stay-at-home order," demonstrating the successful coordination and execution by the parties involved.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93