Continental Partners Provides $12.6M Loan For Development Site In Koreatown
1120-1124 South Serrano Avenue
36,840 SF
Summary
A development site located at 1120-1124 S Serrano Ave in Koreatown has recently been involved in a closed transaction. The property consists of 36,840 square feet and is classified as a development site. The transaction took place on 11/01/2019 and was captured through an Instagram post by Brian Asheghian (@Basheghian) and JM Grimaldi (@watchtog). The property is owned by Serrano Square LLC.
Summary of transaction details
- Address: 1120-1124 S Serrano Ave, Koreatown
- Market: Koreatown
- Asset Type: Development Site
- Loan Amount: $12,620,000
- Loan Terms: 10 Year Fixed, 4.10% rate at 75% LTC
- Total Square Footage: 36,840
- Number of Units: 52
- Lender: Continental Partners
- BROKERS: Brian Asheghian - Basheghian & JM Grimaldi - watchtog
The transaction involved a loan from Continental Partners. The loan amount was $12,620,000 with a fixed term of 10 years and an interest rate of 4.10%. The loan was provided at 75% loan-to-cost ratio. The development project, consisting of 52 units, will be financed through a 10-year fixed construction-to-permanent loan.
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