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1004 North Alfred Street

Updated Sep 5, 2024

Preferred Bank Provides $33.8M Construction Loan For Multifamily Property Acquisition
FINANCEDOffice

Preferred Bank Provides $33.8M Construction Loan For Multifamily Property Acquisition

1004 North Alfred Street

$33,800,000

$603/SF

Building Size

56,000 SF

Asset Type

Office

Closing

Mar 31, 2023

About this deal

AI

The construction loan for a multifamily property in Los Angeles was recently secured at 1004 North Alfred Street. The property spans approximately 56,000 square feet, and Brennen Hakimian serves as the landlord.

Summary of transaction details

The construction loan, totaling $33,800,000, was provided by Preferred Bank. Brennen Hakimian represents the landlord in this deal. The brokers handling the transaction are Steve Bram and Allison Higgins from George Smith Partners.

On the Map

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$33,800,000

$603/SF

Office

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Players

Steve Bram

George Smith Partners

Broker

$65.3M

vol

3 deals

Broker
Preferred Bank
Preferred BankLender

Brennen Hakimian

Landlord

$54.7M

vol

6 deals

Landlord
Bilt advertisement

Market Office Market Snapshot

Boundary boundary · Office · Loan transactions

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Deal FAQ

About $603 per square foot on a published $33.8M for 56,000 square feet (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.47%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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