Civitas Capital Group Secures $27.4M Construction Loan For Blatteis & Schnur's Santa Monica Development Site
1404 3rd St Santa Monica, CA 90401, USA
$27,400,000
Building Size
—
Asset Type
Development Site
Closing
Jun 13, 2023
AI
A $27.4 million construction loan has been secured by Civitas Capital Group for Blatteis & Schnur's retail project at 1404–1408 Third Street in Santa Monica. The loan will be used to support the redevelopment of an old building on the Third Street Promenade, with plans for a rooftop deck and scenic views.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $27,400,000
- Market: Santa Monica
- Lender: Civitas Capital Group - Jorge Adler
- Landlord: Blatteis & Schnur
- Broker: David Sonnenblick - Sonnenblick-Eichner Company
- Loan Type: Construction Loan
- Loan Terms: nonrecourse loan
David Sonnenblick from Sonnenblick-Eichner Company represented Blatteis & Schnur in the deal.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.58%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93