Condo Conversion of 21-Unit Property in Pasadena, CA

 

Pasadena, CA— Matthews™ Capital Markets (MCM), a fully integrated and dedicated financing division of Matthews Real Estate Investment Services™, recently secured a $10,620,000 loan for the conversion of the Monaco Terrace Apartments in Pasadena, CA to condominiums.  Matthews™ First Vice President Geoffrey Arrobio handled the loan transaction.

 

The loan enables the client to convert the 21-unit, 28,488-square-foot property, which was originally built in 2019 to condominium specifications and operated as a multifamily asset five years before the refinancing.

 

The loan has an 18-month term, interest-only payments, and a 7.50% rate. The property consists primarily of large two and three-bedroom units.

 

“By leveraging the property’s original design and prime location, we were able to craft a financing solution that supports the client’s short-term unit sale execution,” Arrobio said.

 

MCM is actively recruiting capital markets specialists throughout the United States. For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.

 

ABOUT MATTHEWS™ CAPITAL MARKETS

The Matthews™ Capital Markets Division (MCM) is a fully integrated and dedicated financing division of Matthews Real Estate Investment Services™. Matthews™ Capital Markets provides capital solutions ranging from $500,000 to $100 million for all property types across the U.S.