Continental Partners Places $8.7M Bridge Loan On North Hollywood Multifamily Property
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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
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- Location5252 Willowcrest Avenue
- Loan Value$8,700,000
- Asset TypeMultiFamily
- Parties2 Brokers, 2 Agencies
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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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