Continental Partners Refinances Multifamily Property At 5252 Willowcrest Ave. In North Hollywood For $9.19M
5252 Willowcrest Avenue
35,946 SF
Summary
Located at 5252 Willowcrest Ave in North Hollywood, this multifamily property is a brand new development with a total of 25 units. With a square footage of 35,946, this property offers spacious living spaces for its residents.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,190,000
- Market: North Hollywood
- Lender: Continental Partners
- Brokers: Brian Asheghian & JM Grimaldi
Continental Partners provided the financing for this deal, offering a loan amount of $9,190,000. The loan type was a refinance, and the terms included a 10-year fixed rate with 10 years of interest-only payments at a rate of 3.40%. Additionally, the loan featured a stepdown prepayment structure.
Last year, when the property was still vacant, a bridge loan was structured to allow the borrower time to obtain a certificate of occupancy and lease up the asset. Once the property reached full occupancy, the borrower was able to cash out and secure a new 10-year fixed loan, taking advantage of the favorable terms.
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