California CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


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.

Get CRE News in 150 words

For comments, questions or concerns, please contact Dennis Kaiser


Inside The Story

Connect With Adept UrbanConnect With MMCC’s Chraghchian

About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as 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, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

Step 1: Select Education
  • ◦Financing
  • ◦Development
New call-to-action