Updated Oct 29, 2024
Pembrook Capital Management Provides $23.7M Construction Loan For 53-Unit Multifamily In Koreatown, Los Angeles
856 Gramercy Drive, Los Angeles, California 90005, United States
$23,700,000
Units
53
Asset Type
MultiFamily
Closing
Dec 21, 2022
About this deal
AI
Located at 856 South Gramercy Drive in Koreatown, Los Angeles, this multifamily property consists of 53 units. The transaction took place on 12/21/2022, with Stuart Boesky as the lender. The loan amount of $23,700,000 was provided by Pembrook Capital Management, LLC as a construction loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $23,700,000
- Units: 53
- Lender: Pembrook Capital Management, LLC - Stuart Boesky
- Date: 12/21/2022
- Address: 856 South Gramercy Drive
- Market: Koreatown, Los Angeles
Stuart Boesky, representing Pembrook Capital Management, LLC, played a key role in facilitating the loan for this property. As a construction loan, it will support the development and construction of the multifamily units on 856 South Gramercy Drive in Koreatown.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.67%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93