The developer of a new 144-unit multifamily property in North Hollywood has secured a $34 million loan. The loan will refinance an existing construction loan on the property.
The 20-year, fixed-rate loan is priced at a rate of 3.57% has a 30-year amortization and a loan-to-cost of 85%. The loan has a yield maintenance with five years of step down and no lender fee.
Continental Partners arranged the financing.
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Kelsi Maree Borland
Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.
