Meridian Capital Group Arranges $15.2M Construction Loan For Koreatown Project
FINANCED
$15,200,000
California
See Similar DealsMultiFamily
Financed
FINANCED
Meridian Capital Group Arranges $15.2M Construction Loan For Koreatown Project
750 S Kingsley Dr, Los Angeles, CA, 9...
See Similar DealsMultiFamily
Financed
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan
The project at 750 South Kingsley Drive in Los Angeles, CA, has received a $15.2 million construction loan. Upon completion in June 2022, the development by Sabet Group and designed by Warren Techentin Architecture will feature 68 luxury residential units, a parking garage, a rooftop barbecue, fitness center, and entertainment area.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $15,200,000.00
- Market: Los Angeles
- Borrower's Rep: Tal Savariego(Meridian Capital Group), Zev Feder(Meridian Capital Group)
- Lender: East West Bank
Meridian Capital Group's Zev Feder and Tal Savariego played crucial roles in securing the financing for the project at 750 South Kingsley Drive. The sponsor is an established mid-market developer and owner/operator of multifamily assets in Los Angeles. Despite challenges in the market environment, Meridian successfully arranged a competitive construction loan with East West Bank.
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LENDER
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$15,200,000.00
Monthly NOI$101,333.33
Monthly Debt Service$96,074.34
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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