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

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FINANCED
$1,760,000

California

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MultiFamily7,614 SF
Financed 04/12/2019
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Property Image
FINANCED

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

8535 Colgate Avenue, Central LA, Los Angeles, CA, USA

See Similar Deals
MultiFamily7,614 SF
Financed 04/12/2019
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$231
Total Square Footage:7,614 SF
Transaction Type:Loan

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.

Players

JM Grimaldi
Continental Partners
JM Grimaldi
22 deals$186M volume(323) 330-6110
BROKER
First Foundation Bank
First Foundation Bank
LENDER

Details

FINANCED
IMAGE: J.M. Grimaldi @watchtog @contipartners @stay.tony DATE: 04/12/2019 ADDRESS: 8535 Colgate Ave MARKET: Beverly Grove ASSET TYPE: Multifamily LENDER: First Foundation Bank LANDLORD: @stay.tony LOAN TERMS: non-recourse, 7 years fixed loan with 3 yrs IO, due in 30 yrs, amortized over 30 yrs after IO period BROKERS: J.M. Grimaldi LOAN AMOUNT: $1,760,000 UNITS: 7 NOTES: High-end corporate housing transaction with minimum 30-day stay.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,760,000.00

Monthly NOI$11,733.33
Monthly Debt Service$11,124.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00