FINANCED
Continental Partners Inc. Secures $5.5M Loan For Multifamily Property In MacArthur Park
744 Hartford Avenue
MultiFamily
22,405 SF
22,405 SF
Summary
Loan
CALIFORNIA
MultiFamily
22,405 sqft
A loan of $5,500,000 was secured by San Saba LLC for a brand new development project in MacArthur Park. The loan terms include a 10 year fixed rate of 3.35% with a 30 year amortization schedule. The loan has a 50% recourse and stepdown prepayment option. Continental Partners Inc. acted as the lender in this transaction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,500,000
- Address: 744 Hartford Ave
- Market: MacArthur Park
- Loan Terms: 10 year fixed, 30 year amort, at 3.35% with 50% recourse and stepdown prepay
Continental Partners Inc., represented by Brian Asheghian and JM Grimaldi of ContiPartners, assisted in securing the loan for this multifamily property in MacArthur Park. The loan closed during a mandatory countywide "stay-at-home order," demonstrating the successful coordination and execution by the parties involved.
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Details
FINANCED
IMAGE: Brian Asheghian & JM Grimaldi
DATE: 04/23/2020
ADDRESS: 744 Hartford Ave
MARKET: MacArthur Park
ASSET TYPE: Multifamily
LENDER: Continental Partners Inc.
LANDLORD: San Saba LLC
BROKERS: Brian Asheghian, JM Grimaldi @ContiPartners
LOAN AMOUNT: $5,500,000
LOAN TERMS: 10 year fixed, 30 year amort, at 3.35% with 50% recourse and stepdown prepay
SF: 22,405
UNITS: 24
NOTES: This was a takeout loan on a brand new development project in MacArthur Park. Continental Partners were able to secure a 10 year fixed loan at 3.35% with only 50% recourse to the sponsor and closed during a mandatory countywide "stay-at-home order."View on map
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Address744 Hartford Avenue
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