MONTEREY PARK, CA-Continental Funding Group has arranged a $74 million refinance of the construction loan for Atlantic Times Square, a mixed-use property here. Mitch Paskover, president of CFG, brokered the transaction.
The recently completed Atlantic Times Square is a six-story project with 210 residential condominiums in three towers over retail. The commercial component contains 213,531 square feet of grade level retail space over a three-level subterranean parking structure that provides parking for 1,650 vehicles. The development is situated on a rectangular-shaped parcel totaling 6.94 acres on the southeast corner of North Atlantic Blvd. and West Hellmen Ave.
The borrower, Atlantic Times Square II, an entity created for this transaction, leased two towers with 50 residential units each as apartments. This component has 100 residential units of 40 two-bedroom units and 60 three-bedroom units. The two-bedroom units range in size from 1,384 to 1,496 square feet and the three-bedroom units range in size from 1,615 to 1,939 square feet. The residential units contain a total net rentable area of 166,560 square feet. The residential component is 99% leased.
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