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Continental Partners Places $8.7M Bridge Loan On North Hollywood Multifamily Property

5252 Willowcrest Avenue
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This MultiFamily property located in CA received a loan of $8,700,000 over 3 years ago. The brokers of the deal were JM Grimaldi and Brian Asheghian

An $8,700,000 bridge loan was successfully placed by Continental Partners for the property located at 5252 Willowcrest Ave in North Hollywood. The loan has a 12-month term and a fixed interest rate of 4.90%. It is non-recourse and does not have a prepayment penalty. The property, a multifamily asset, had exhausted its construction financing interest reserve and had yet to receive its certificate of occupancy at the time of funding. This means that no leasing was in place. Despite these challenges, the deal closed in less than 2 weeks.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $8,700,000
  • Loan Terms: 12 Month Term, 4.90% Rate, Non-Recourse, No Prepay
  • Lender: Continental Partners
  • Brokers: Brian Asheghian, JM Grimaldi

The bridge loan provided by Continental Partners was crucial in helping the property at 5252 Willowcrest Ave secure the necessary financing after exhausting its construction financing interest reserve. The loan has a fixed interest rate of 4.90% and is interest-only. Despite the property not having its certificate of occupancy and no leasing being in place, the deal closed in less than 2 weeks, thanks to the efficient execution by all parties involved.

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  • Location
    5252 Willowcrest Avenue5252 Willowcrest Avenue
  • Loan Value
    $8,700,000$8,700,000
  • Asset Type
    MultiFamilyMultiFamily
  • 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

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Continental Partners

Continental Partners

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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: 10/29/2020 ADDRESS: 5252 Willowcrest Ave MARKET: North Hollywood ASSET TYPE: Multifamily LOAN AMOUNT: $8,700,000 LOAN TERMS: 12 Month Term, 4.90% Rate, Non-Recourse, No Prepay LENDER: Continental Partners BROKERS: Brian Asheghian, JM Grimaldi NOTE: Continental Partners successfully placed a bridge request to take out construction financing that had exhausted its interest reserve. The bridge loan is fixed at 4.90% on an interest only basis. At the time of funding, the property had yet to receive its certificate of occupancy and therefore had no leasing was in place. The deal closed in less than 2 weeks.

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5252 Willowcrest Avenue

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