Topanga Town Homes HOA Secures $1.59M Loan For Soft Story Retrofitting - Ridge Capital Group

The property involved in this transaction is a multi-family building located at 9950 Topanga Canyon Boulevard in the market of Chatsworth. The property consists of 89 units with a total square footage of 150,717. The loan transaction took place on September 19, 2023.

Summary of transaction details:

• Property Type: Multi-Family
• Units: 89
• Square Footage: 150,717
• Address: 9950 Topanga Canyon Boulevard
• Market: Chatsworth

The lender in this transaction was CIT Bank, providing a loan amount of $1,590,000. The loan type was an HOA Loan with a term of 15 years. The loan was obtained by brokers Aaron Arzoumanian and Neema J. Omid from Ridge Capital Group, on behalf of the Topanga Town Homes HOA - Alexandra Figueroa, the landlord.

The purpose of the loan was to finance the soft story retrofitting requirement for the condominium owners. The HOA was declined by several lenders and the SBA. By obtaining this loan, the condominium owners were able to avoid an emergency assessment of over $18,000.00 per unit. In case of any scenarios or further inquiries, interested parties can contact Neema at (818)935-7089 or Aaron at (818)419-3177.