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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