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IceCap Group Provides $2.2M Construction Loan For Development Site In Simi Valley

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FINANCED
$2,200,000

California

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Development Site
Financed 04/04/2023
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Property Image
FINANCED

IceCap Group Provides $2.2M Construction Loan For Development Site In Simi Valley

1740 Patricia Avenue

See Similar Deals
Development Site
Financed 04/04/2023
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan

IceCap Group has provided a construction loan of $2,200,000 for the development site located at 1740 Patricia Avenue in Simi Valley. The loan terms include 82.5% Loan to Cost (LTC), 60% of stabilized value, 8.3% debt yield, a floating rate, and an 18-month term construction loan.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $2,200,000
  • Lender: IceCap Group - Tameer Orevi
  • Landlord: Nick Nikkhoo
  • Loan Type: Construction Loan
  • Loan Terms: 82.5% LTC, 60% of stabilized value, 8.3% debt yield, floating rate, 18 month term construction loan

The loan was provided by IceCap Group, with Tameer Orevi representing the lender in the deal. The landlord of the property is Nick Nikkhoo.

Details

FINANCED
IMAGE: Tameer Orevi DATE: 04/04/2023 ADDRESS: 1740 Patricia Avenue MARKET: Simi Valley ASSET TYPE: Development Site LENDER: IceCap Group - Tameer Orevi (@Tameerorevi) LANDLORD: Nick Nikkhoo LOAN AMOUNT: $2,200,000 LOAN TYPE: Construction Loan LOAN TERMS: 82.5% LTC, 60% of stabilized value, 8.3% debt yield, floating rate, 18 month term construction loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$2,200,000.00

Monthly NOI$14,666.67
Monthly Debt Service$13,905.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00