The asset involved in the transaction is a multifamily property located in West Los Angeles, comprising seven units and covering a total area of 8,349 square feet. The loan amount associated with this property is $3,000,000.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,000,000
• Asset Size: 8,349 SF
• Units: 7
• Lender: Continental Partners
• Landlord: Richard Li
• Loan Type: Refinance
• Loan Terms: 5 years fixed at 5.80%, due in 10 years, amortized over 30 years
• Brokers: JM Grimaldi & Dave Brelian - Continental Partners

The deal was facilitated by brokers JM Grimaldi and Dave Brelian from Continental Partners, who successfully closed the financing, allowing for cash out above the existing balance while retiring previous construction debt that was due. The prepayment was structured with a flexible stepdown, enhancing financial flexibility for the landlord.