Ramin Ghaneeian And Steven Scheibe Secure $15.5 Million Construction Loan For 35-Unit Multifamily Development
806 North Edinburgh Avenue
$15,500,000
$453/SF
Building Size
34,171 SF
Asset Type
MultiFamily
Closing
Aug 7, 2024
AI
The Arthur is a multifamily development consisting of 35 units, encompassing a total square footage of 34,171. This project is located at 806 North Edinburgh Avenue in the West Hollywood market. A construction loan amounting to $15,500,000 has been secured for the development.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $15,500,000
- Address: 806 North Edinburgh Avenue
- Market: West Hollywood
- Units: 35
- Square Footage: 34,171
- Lender: Poppy Bank
- Landlord: Ramin Ghaneeian & Steven Scheibe - Generation Real Estate Partners
- Broker Representatives: Gianni Novo & John Thrall - CBRE
- Loan Type: Construction
- Delivery Expected: Summer 2026
The deal involved Ramin Ghaneeian and Steven Scheibe of Generation Real Estate Partners, who purchased the lots in 2022 and secured Tier II TOC entitlements. The CBRE Debt & Structured Finance team, represented by Gianni Novo and John Thrall, managed a competitive bidding process that helped achieve favorable terms for the construction loan.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93