Northmarq secures $8M construction-to-permanent loan for two affordable housing communities in Los Angeles
LOS ANGELES (Nov. 20, 2024) — Northmarq’s Juda Penini of the Los Angeles Debt + Equity team, successfully arranged the $8 million construction-to-permanent financing for two multifamily communities that will provide 33 affordable housing units in Los Angeles, California.
The two-property transaction was structured with a 7-year term and a 30-year amortization schedule. The proceeds funded during construction are 75% loan-to-cost.
“This project will provide quality housing, strengthen the community, and address the housing needs of underserved, low-income households in Southern California,” said Penini. “We were able to structure attractive pricing and leverage for the borrower.”
Construction on both communities is expected to be completed in 2026. The affordable housing units will be located in the Boyle Heights and Westlake North neighborhoods.
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
