@stay.tony Acquires 7-Unit Multifamily Property In Beverly Grove With $1.76M Loan From First Foundation Bank

Located in Beverly Grove, the multifamily property at 8535 Colgate Ave recently secured a loan from First Foundation Bank. The borrower, @stay.tony, obtained a non-recourse loan with terms of 7 years fixed, including 3 years of interest-only payments. The loan is due in 30 years, with amortization over the remaining 30 years after the interest-only period. J.M. Grimaldi, representing the borrower, facilitated the transaction.

Summary of transaction details:

• Property Type: Multifamily
• Loan Amount: $1,760,000
• Units: 7

This high-end corporate housing transaction requires a minimum stay of 30 days, catering to the needs of corporate clients. With its desirable location in Beverly Grove, the property offers great potential for rental income and long-term investment.