Gelt And Uhon Acquire Reseda Multifamily For $83M With Square Mile Loan

The multifamily property located at 6625 Reseda Blvd in Reseda, San Fernando Valley was involved in a closed transaction on December 23, 2020. The property, currently owned by Gelt and Uhon, caught the attention of buyers and lenders in the market.

Summary of Transaction Details

• Property Type: Multifamily
• Address: 6625 Reseda Blvd
• Market: Reseda, San Fernando Valley

The loan for this transaction was provided by Square Mile, a reputable lender in the industry. The loan amount was $83,000,000, and it had a term of 3 years with an interest-only payment structure. The loan terms also included 80% loan-to-cost ratio (LTC) and an interest rate set at L+450. It's worth mentioning that the loan was non-recourse, providing additional security for the borrower.

Malcolm Davies from Malcolm Davies Realty and Zack Streit from Zack Streit Realty played an essential role as brokers in this deal. They worked alongside Keith Wasserman from KfWasserman Realty to represent the parties involved in the transaction.