Updated Oct 28, 2024
First Capital Trust Deeds Provides $7.375M Construction Loan For 25-Unit Multifamily Development In Westlake
2347 Ocean View Avenue, Los Angeles, California 90057, United States
$7,375,000
$347/SF
Building Size
21,218 SF
Asset Type
Development Site
Closing
Jan 23, 2022
About this deal
AI
A development site located at 2347 Ocean View Avenue in Westlake, with a building size factor (BSF) of 21,218 square feet, has recently secured a construction loan.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,375,000
- Loan Type: Construction Loan
- Loan Terms: 24 Months, Interest Only, 83% LTC
- Lender: First Capital Trust Deeds
- Landlord: Ocean View Partners
- Broker: Raj Mulchandani - AGENCY
The loan, provided by First Capital Trust Deeds, amounts to $7,375,000 and has a term of 24 months with interest-only payments. The loan-to-cost ratio (LTC) stands at 83%. Ocean View Partners, the landlord, is planning to develop a 25-unit multifamily project on the property. The development site is strategically located in Westlake, just west of Downtown Los Angeles.
For any bridge or construction loan requests, interested parties can reach out to Raj Mulchandani at [email protected] and [email protected].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.15%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93