FINANCED
Northmarq Provides $7.4M Refinance Loan For Beverlywood Multifamily Development
1070 South Bedford Street
MultiFamily
5,761 SF
5,761 SF
Financed 1 year ago
Summary
Loan
CALIFORNIA
MultiFamily
5,761 sqft
A brand new 19 unit multifamily development project located at 1070 S Bedford St in Beverlywood has secured a refinance loan. The loan amount from northmarq''>northmarq'>Northmarq is $7,435,000 with a term of 10 years fixed and 5 years of interest only. The interest rate is set at 3.80% and it is a non-recourse loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,435,000
- Address: 1070 S Bedford St
- Market: Beverlywood
Brian Asheghian and Zalmi Klyne from Northmarq served as the brokers for this loan transaction. The borrowers were facing the maturity of their construction loan and needed a take out loan. Fortunately, the lenders were able to secure a 10-year fixed loan with 5 years of interest only, allowing the borrowers to refinance at a more favorable interest rate. The loan was funded as soon as the asset was stabilized, providing the borrowers with the option to cash out.
Players
Details
FINANCED
IMAGE: Brian Asheghian @BAsheghian & Zalmi Klyne
DATE: 04/09/2021
ADDRESS: 1070 S Bedford St
MARKET: Beverlywood
ASSET TYPE: Multifamily
LENDER: Northmarq
BROKERS: Brian Asheghian & Zalmi Klyne
LOAN AMOUNT: $7,435,000
TERM: 10 Years Fixed, 5 Years of Interest Only, 3.80% Interest Rate, Non-Recourse
NOTE: The transaction was a refinance of a brand new 19 unit multifamily development project. The borrowers construction loan was coming due and we were able to secure a take out loan for 10 years fixed with 5 years of interest only at 3.80% on a non-recourse basis. As soon as the asset was stabilized were were able to fund the loan and cash out the borrower.View on map
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Address1070 South Bedford Street
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