The acquisition of a multifamily property located at 315 West Broadway in Long Beach was recently funded by Hakimian Capital. The property has a total square footage of 29,820 and was acquired by a repeat client of Hakimian Capital. The buyer will have the opportunity to renovate units immediately as more than half of the units were delivered vacant.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $8,000,000
• Date: 05/31/2023
• Market: Long Beach
• Lender: Hakimian Capital - Michael Hakimian, Daniel Nadri & Sammy Hakimian
• Loan Type: Acquisition

The loan for this acquisition was provided by Hakimian Capital, with Michael Hakimian, Daniel Nadri, and Sammy Hakimian representing the lender. The term sheet for the loan was signed on May 24th, and the loan was closed and funded on May 31st, allowing the buyer to move forward with their renovation plans.