$35M Construction Loan Arranged for Condo Development in Pasadena
Marcus & Millichap Capital Corporation (MMCC) arranged a $34.5 million construction loan for the second phase of Adept Urban’s 388 Cordova, a 105-unit luxury condominium development in Pasadena. The 30-month loan was structured with a 5% adjustable interest rate and 40% loan-to-value.
The next round of development includes 48 units. The six-story, 62,075-gross-square-foot project at 245 S. Los Robles Ave. is expected to be completed in 2021. It will include an amenity deck with a pool, hot tub, and outdoor entertainment area.
“After completing the first phase of the project, with financing from another intermediary, the developer asked us to create a more flexible and competitive financing option for the second phase,” says MMCC’s Stefen Chraghchian, who arranged the loan with Sharone Sabar.
The project’s first phase encompassed converting the adjacent office tower to 57 condos. The latest financing deal was complex since the unsold units from Phase I were attached to the Phase II loan as collateral.
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