Updated Dec 2, 2025
Mike Field Of Mecah Ventures Secures $35M Construction Loan From The Nikols Company In San Mateo
435 East 3rd Avenue
$35,000,000
$777/SF
Building Size
45,000 SF
Asset Type
Development Site
Closing
Dec 1, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 435 East 3rd Avenue in San Mateo. The site encompasses 45,000 square feet and is intended for a mixed-use project. It has secured a construction loan amounting to $35,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,000,000
- Lender: The Nikols Company
- Landlord: Mike Field - Mecah Ventures
- Broker: JLL
- Loan Type: Construction
Mecah Ventures, represented by Mike Field, successfully arranged the $35M construction loan after approaching 150 lenders. JLL facilitated the deal with Nikols Company, indicating growing lender confidence due to increasing demand in the area as transit-oriented leasing rebounds.
On the Map
$35,000,000
$777/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93