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Continental Partners Provides $9.04M Loan For Development Site In Valley Village

12301 West Magnolia Boulevard
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This Development Site property located in CA received a loan of $9,042,500 over 4 years ago. The brokers of the deal were JM Grimaldi and Brian Asheghian

Continental Partners Inc. has provided a 7-year fixed construction to perm loan of $9,042,500 at an interest rate of 3.85% for a development site in Valley Village. The loan amount represents 70% of the project cost, and the construction period is set for 30 months, with the option to extend. The loan automatically converts to a permanent loan at the same rate, which remains fixed throughout the entire 7-year period.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $9,042,500
  • Address: 12301 W Magnolia Blvd
  • Market: Valley Village
  • Square Footage: 35,010
  • Units: 26
  • Lender: Continental Partners Inc.
  • Landlord: Studio One LLC
  • Brokers: Brian Asheghian - AGENCY, JM Grimaldi - AGENCY

The development site located at 12301 W Magnolia Blvd in Valley Village has secured financing from Continental Partners Inc. for a 26-unit project. Brian Asheghian from AGENCY and JM Grimaldi from AGENCY represented the parties involved in the loan transaction. The construction period, including extension options, spans 30 months, after which the loan automatically converts to a permanent loan at the same rate.

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Deals
  • Location
    12301 West Magnolia Boulevard, Valley Village, CA, USA12301 West Magnolia Boulevard, Valley Village, CA, USA
  • Loan Value
    $9,042,500$9,042,500
  • 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

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Deal Summary

LOAN IMAGE: Brian Asheghian @basheghian & JM Grimaldi @watchtog DATE: 12/13/2019 ADDRESS: 12301 W Magnolia Blvd MARKET: Valley Village ASSET TYPE: Development Site LENDER: Continental Partners Inc. LANDLORD: Studio One LLC BROKERS: Brian Asheghian, JM Grimaldi LOAN AMOUNT: $9,042,500 LOAN TERMS: 7 Year Fixed Construction to Perm Loan at an interest rate of 3.85% at 70% of cost SF: 35,010 UNITS: 26 NOTES: 7 year fixed construction to perm loan at a rate of 3.85% at 70% of cost for a 26 unit development project in Valley Village. Construction period is for 30 months (extension options included) and automatically rolls into a permanent loan at the same rate which is fixed throughout the entire 7 year period.

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12301 West Magnolia Boulevard

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