Updated Dec 4, 2024
IceCap Group Provides $2.2M Construction Loan For Development Site In Simi Valley
1740 Patricia Avenue
$2,200,000
Building Size
—
Asset Type
Development Site
Closing
Apr 4, 2023
About this deal
AI
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.
On the Map
$2,200,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93