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Civitas Capital Group Secures $27.4M Construction Loan For Blatteis & Schnur's Santa Monica Development Site
FINANCED
$27,400,000
California
See Similar DealsDevelopment Site
Financed 06/13/2023
FINANCED
Civitas Capital Group Secures $27.4M Construction Loan For Blatteis & Schnur's Santa Monica Development Site
1404 3rd St Santa Monica, CA 90401, USA
See Similar DealsDevelopment Site
Financed 06/13/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$27,400,000.00
Monthly NOI$182,666.67
Monthly Debt Service$173,186.64
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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