Varde Partners Provides $60.9M Construction Loan For El Portal Multifamily Property

The property involved in this transaction is a multifamily building located at 471 Northeast 83rd Street in El Portal. The property consists of 282 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $60,900,000
• Lender: Varde Partners
• Landlord: Barrington Brothers – Ken & Arthur Barrington
• Brokers: Melissa Rose, Michael DiCosimo & Maddy McMillen - JLL
• Loan Type: Construction Loan

Varde Partners provided a construction loan of $60,900,000 for the acquisition and development of the multifamily property at 471 Northeast 83rd Street. The landlords of the property are the Barrington Brothers, Ken and Arthur Barrington. The brokers involved in the deal were Melissa Rose, Michael DiCosimo, and Maddy McMillen from JLL.