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Continental Partners Provides $12.6M Loan For Development Site In Koreatown

1120-1124 South Serrano Avenue
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This Development Site property located in CA received a loan of $12,620,000 over 4 years ago. The brokers of the deal were JM Grimaldi and Brian Asheghian

A development site located at 1120-1124 S Serrano Ave in Koreatown has recently been involved in a closed transaction. The property consists of 36,840 square feet and is classified as a development site. The transaction took place on 11/01/2019 and was captured through an Instagram post by Brian Asheghian (@Basheghian) and JM Grimaldi (@watchtog). The property is owned by Serrano Square LLC.

Summary of transaction details

  • Address: 1120-1124 S Serrano Ave, Koreatown
  • Market: Koreatown
  • Asset Type: Development Site
  • Loan Amount: $12,620,000
  • Loan Terms: 10 Year Fixed, 4.10% rate at 75% LTC
  • Total Square Footage: 36,840
  • Number of Units: 52
  • Lender: Continental Partners
  • BROKERS: Brian Asheghian - Basheghian & JM Grimaldi - watchtog

The transaction involved a loan from Continental Partners. The loan amount was $12,620,000 with a fixed term of 10 years and an interest rate of 4.10%. The loan was provided at 75% loan-to-cost ratio. The development project, consisting of 52 units, will be financed through a 10-year fixed construction-to-permanent loan.

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Deals
  • Location
    1120 South Serrano Avenue, Los Angeles, CA, USA1120 South Serrano Avenue, Los Angeles, CA, USA
  • Loan Value
    $12,620,000$12,620,000
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    2 Brokers, 2 Agencies2 Brokers, 2 Agencies

Agents

JM Grimaldi

JM Grimaldi

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Financed$172.9M

Brian Asheghian

Brian Asheghian

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Financed$284.8M

Agencies

Continental Partners

Continental Partners

Agency
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Volume$358M

Convoy Capital

Convoy Capital

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Volume$302.1M

Social

Deal Summary

LOAN IMAGE: Brian Asheghian @Basheghian & JM Grimaldi @watchtog DATE: 11/01/2019 ADDRESS: 1120-1124 S Serrano Ave MARKET: Koreatown ASSET TYPE: Development Site LENDER: Continental Partners LANDLORD: Serrano Square LLC BROKERS: Brian Asheghian, JM Grimaldi LOAN AMOUNT: $12,620,000 LOAN TERMS: 10 Year Fixed, 4.10% rate at 75% LTC SF: 36,840 UNITS: 52 NOTES: 10 year fixed construction to perm loan at a rate of 4.10% at 75% loan to cost for a 52 unit development project in Koreatown.

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1120-1124 South Serrano Avenue

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