Elite Investments Secures $24.6M Construction Loan From Banc Of California For Multifamily Development In Los Angeles

The property asset involved in the transaction is a multifamily building located at 927 South Kingsley Drive in Los Angeles. The asset comprises 136 units with a total square footage of 73,000. The loan amount secured for this construction project is $24,600,000 with terms set at 70% LTC and a Prime+0% interest rate.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $24,600,000
• Address: 927 South Kingsley Drive
• Market: Los Angeles
• Asset Size: 136 units
• Square Footage: 73,000
• Lender: Heather Littlefield - Banc of California
• Landlord: Elite Investments
• Broker Representatives: Jonathan Lee & Shahin Yazdi - Colliers
• Loan Type: Construction
• Loan Terms: 70% LTC, Prime+0%

The key individuals in this transaction include Heather Littlefield, who represents Banc of California as the lender, and Elite Investments as the landlord. The brokering efforts were managed by Jonathan Lee and Shahin Yazdi from Colliers, facilitating the construction loan process and ensuring the successful transaction of the multifamily asset.