January 14, 2019
Avison Young closed a $29-million loan to refinance the construction and sell-out of Golden Galaxy Plaza Condominiums, a partially-completed 80-unit condominium project located in Los Angeles’ Koreatown. The financing was led by Avison Young’s Jay Maddox and Peter Sherman, and provided through private lender Parkview Financial.
Maddox says, “Mega Home LLC, our client and the project’s developer, was paying a very high interest rate and needed additional funds to complete construction and sell out the project. Refinancing a project midway through construction is unusual, and presents unique challenges. Very few lenders are willing to consider such a transaction. Fortunately, we were able to help our client procure new construction financing under attractive terms that provided needed funds and time to complete the project, together with significant cash going back to the developer for cost reimbursement.”
The project, located on Leeward Avenue near the Wilshire/Vermont MTA station, is slated to deliver in Spring 2019.
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