Continental Partners Provides $17.7M Construction To Perm Loan For Sherman Oaks Multifamily Development
5020 Woodman Avenue
44,934 SF
Summary
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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