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LOS ANGELES — Regional brokerage firm PSRS has arranged $6.8 million in construction financing for an affordable housing project on Ben Avenue in the North Hollywood neighborhood of Los Angeles. The property will feature 40 affordable apartments.
To secure bank approval for the project’s first-time developers, PSRS reworked the ownership structure to bring in a sponsor, MOBBIL Inc., to take a nominal equity position and strengthen the track record.
Michael Warner of PSRS secured the two-year, interest-only construction loan, which features a 65 percent loan-to-value ratio.