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240 S Spring St, Los Angele...

Bolour Associates Provides $11.5M Acquisition Loan For Downtown Los Angeles Land
FINANCED

Bolour Associates Provides $11.5M Acquisition Loan For Downtown Los Angeles Land

240 S Spring St, Los Angeles, CA, USA

$11,500,000

$333/SF

Building Size

34,528 SF

Asset Type

Closing

Sep 10, 2021

AI

Bolour Associates, led by Steven Simantob and Mark Bolour, provided a loan of $11,500,000 for the acquisition of two adjacent land sites in Downtown Los Angeles. The properties, located at 129 W. 3rd St. and 240 S. Spring St., have a combined square footage of 34,528. The loan was an acquisition loan, allowing the borrower to assemble and close on the sites for future multifamily development.

Summary of Transaction Details

  • Property Type: Land
  • Transaction Amount: $11,500,000
  • Address: 129 W. 3rd St. & 240 S. Spring St.
  • Market: Downtown Los Angeles
  • Square Footage: 34,528

Jeff Sause, a representative from JLL, facilitated the loan transaction. Bolour Associates specializes in asset-based bridge lending, with a focus on urban infill primary and secondary markets. They have expertise in financing complicated private lending deals, including unentitled land plays. Steven Simantob and Mark Bolour can be contacted for more information at ☎️ 323-677-0550 ext.133 or 📧 [email protected]. Additional information about Bolour Associates' lending services can be found at bolourassociates.com/lending/.

Note: Bolour Associates was pleased to assist the borrower in acquiring and closing on the two land sites for future multifamily development.

Players

Jeff Sause

JLL

Broker

$1.6B

vol

33 deals

Broker
Mark Bolour

Mark Bolour

Bolour Associates

Lender

$153M

vol

13 deals

Lender
Bolour Associates
Bolour AssociatesLender

Los Angeles CRE Market Snapshot

Boundary boundary · CRE · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.38%

Cash-on-Cash

-0.39%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93