JH Snyder Secures $117M Construction Financing For The Residences At Wilshire Curson
640 South Curson Avenue, Central LA, Los Angeles, CA, USA & 640 South Curson Avenue, Central LA, Los Angeles, CA, USA
$117,000,000
$23/SF
Building Size
4,942,596 SF
Asset Type
MultiFamily
Closing
Jul 26, 2018
AI
The Residences at Wilshire Curson, located at 640 South Curson Avenue in Miracle Mile, has been involved in a recent closed property transaction. The property is set to be a state-of-the-art, 20-story, 285-unit apartment building that will feature a range of amenities including a gym, conference area, rooftop pool, and clubhouse.
Summary of Transaction Details
- Property Type: Apartment Building
- Transaction Amount: $117M
- Financing Type: Construction Loan
- Lender: Capital Source
- Sponsor: JH Snyder
- Broker: Meridian Capital Group - Steve Edelstein & Seth Grossman
Capital Source provided a five-year non-recourse loan for the Residences at Wilshire Curson, with extension options and full-term interest-only payments. The financing was facilitated by Meridian Capital Group, with brokers Steve Edelstein and Seth Grossman representing the deal.
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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93