Transaction Overview
Shahin Yazdi successfully placed the acquisition debt for the purchase of a 24 unit, brick multifamily property located in Mid-City, Los Angeles. The 18,453 square foot Koreatown adjacent property was fully occupied, although one unit was used as a private office. Mr. Yazdi secured the term sheet and was able to close the transaction in less than 40 days. Sized to 75% of purchase and fixed for 5 years at 3.825%, the loan rolls to 6 Month LIBOR + 2.40% for the remaining 5 years of the term. The non-recourse loan offers 3 years of interest only before amortizing over 30 years with a prepayment penalty limited to the first 2 years of the loan; 2% in Year 1 and 1% in year 2.
