Litman and Michael Derk, a senior director in the Long Beachoffice of MMCC, arranged the financing package, which is a 12-monthadjustable-rate loan at three-fourths of a percentage point overprime, with a six-month extension, at a loan-to-value ratio of 61%.The 54-unit complex, built from the ground up, is at 6735 Yucca St.and is a project of Metro Modern Developers of Woodland Hills.

The transaction occurred "during the unraveling of the creditmarkets" at a time when "Most lenders wouldn't consider the loan,"Litman says. He tells GlobeSt.com that several CMBS lenders were inthe mix when MMCC first began seeking financing for the deal, butthe Wall Street sources quickly disappeared because of the capitalmarkets turmoil.

Among the factors that worked in favor of the deal, Litmanexplains, is that the condominium market is faring relatively wellin the pocket of Hollywood where the Hollywood Condominium islocated and that the project is a brand-new, ground-up building. Hepoints out that the developers only recently received a certificateof occupancy and have sold a number of the units, including threerecent sales that involved all-cash buyers.