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California  + Los Angeles  + Finance  | 

$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.

For comments, questions or concerns, please contact Dennis Kaiser

Read More News Stories About: Marcus & Millichap
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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
  • ◦Development
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