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Continental Partners Provides $17.7M Construction To Perm Loan For Sherman Oaks Multifamily Development

5020 Woodman Avenue
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This MultiFamily property located in CA received a loan of $17,700,000 almost 4 years ago. The broker of the deal was Brian Asheghian

Continental Partners provided a 7-year fixed construction to permanent loan worth $17,700,000 for the development of a multifamily property located at 5020 Woodman Ave in Sherman Oaks. The loan amount represents 70% of the total cost, with an interest rate of 4.00%. The construction period spans 30 months and then transitions into a permanent loan with a 25 basis point reduction at 3.75%. Once the multifamily property is stabilized, the lender will conduct a reappraisal and offer the borrower the opportunity to cash out and add additional proceeds to the loan amount.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $17,700,000
  • Lender: Continental Partners
  • Broker: Brian Asheghian @BAsheghian
  • Date: 05/31/2021
  • Address: 5020 Woodman Ave
  • Market: Sherman Oaks

Brian Asheghian from BAsheghian represented the buyer in this loan transaction. No additional details about other parties involved were provided in the context.

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Deals
  • Location
    5020 Woodman Ave, Sherman Oaks, CA, USA5020 Woodman Ave, Sherman Oaks, CA, USA
  • Loan Value
    $17,700,000$17,700,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    1 Broker, 1 Agency, 1 Lender1 Broker, 1 Agency, 1 Lender

Agent

Brian Asheghian

Brian Asheghian

Deals40
Financed$284.8M

Agency

Convoy Capital

Convoy Capital

Agency
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Volume$302.1M

Continental Partners

Continental Partners

Lender
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Volume$ 7.3B

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Deal Summary

LOAN IMAGE: Brian Asheghian DATE: 05/31/2021 ADDRESS: 5020 Woodman Ave. MARKET: Sherman Oaks ASSET TYPE: Multifamily LENDER: Continental Partners BROKER: Brian Asheghian @BAsheghian LOAN AMOUNT: $17,700,000 LOAN TERMS: 7 Year Fixed Construction to Perm Loan at 70% of Total Cost at 4.00% NOTES: This was a 7 year fixed construction to permanent loan for the development of a 51 unit multifamily property. The construction period is for 30 months and rolls into a permanent loan with a 25 bsp reduction at 3.75%. Once the asset is stabilized, the lender will reappraise the asset and give the borrower an opportunity to cash out and add additional proceeds to the loan amount.

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5020 Woodman Avenue

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