|
|
11/30/18
|
A trio of recent SoCal multifamily financing transactions totaled up to $13.89 mil. The loans were all arranged by Continental Partners’ J.M. Grimaldi, Carl Riggins and Brian Asheghian.
The largest of the deals was $5.4 mil in permanent cash-out refinancing for Rancho Coronado Condos, a 28.4k sf, Class B+ multifamily community in Imperial Beach, CA. The borrower was seeking financing that would provide a cash-out component, as well as an increased loan amount. The five-year permanent loan, which includes a $1 mil cash-out component, is sized to 65% of value and is priced at 4.67%.
Another deal was a $5 mil, cash-out construction refi for a Class A, 18.4k sf multifamily property located in South Los Angeles. The financing was arranged on behalf of a private investor, who was seeking a cash-out option to fund potential acquisitions of additional multifamily opportunities in the region. The permanent 10-year fixed loan has a 30-year amortization. The non-recourse loan is sized to 55% of value and is priced at 4.50%.
The third loan was a $3.5 mil, cash-out refi on a multifamily property in East Hollywood. The borrower had just completed construction and was in the process of receiving the certificate of occupancy. The five-year, fixed loan has a 30-year amortization. The non-recourse loan is sized to 60% of value and is priced at 4.56%.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
