Meridian Capital Group Arranges $15.2M Construction Loan For Koreatown Project
750 S Kingsley Dr, Los Angeles, CA, 9...
$15,200,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 12, 2020
AI
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.
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
1.04%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93