@stay.tony Acquires 7-Unit Multifamily Property In Beverly Grove With $1.76M Loan From First Foundation Bank | 8535 Colgate Avenue | First Foundation Bank | JM Grimaldi | MultiFamily | Loan

Summary

Loan

CALIFORNIA

MultiFamily

7,614 sqft

Located in Beverly Grove, the multifamily property at 8535 Colgate Ave recently secured a loan from First Foundation Bank. The borrower, @stay.tony, obtained a non-recourse loan with terms of 7 years fixed, including 3 years of interest-only payments. The loan is due in 30 years, with amortization over the remaining 30 years after the interest-only period. J.M. Grimaldi, representing the borrower, facilitated the transaction.

Summary of transaction details:

Property Type: Multifamily
Loan Amount: $1,760,000
Units: 7

This high-end corporate housing transaction requires a minimum stay of 30 days, catering to the needs of corporate clients. With its desirable location in Beverly Grove, the property offers great potential for rental income and long-term investment.

Players

All
3

Agents
1
Agencies
1
Lenders
1

JM Grimaldi

Executive Vice President

Continental Partners

First Foundation Bank

Details

Deal Summary

FINANCED

IMAGE: J.M. Grimaldi @watchtog @contipartners @stay.tony DATE: 04/12/2019 ADDRESS: 8535 Colgate Ave MARKET: Beverly Grove ASSET TYPE: Multifamily LENDER: First Foundation Bank LANDLORD: @stay.tony LOAN TERMS: non-recourse, 7 years fixed loan with 3 yrs IO, due in 30 yrs, amortized over 30 yrs after IO period BROKERS: J.M. Grimaldi LOAN AMOUNT: $1,760,000 UNITS: 7 NOTES: High-end corporate housing transaction with minimum 30-day stay.

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Address8535 Colgate Avenue

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