Updated Dec 4, 2024
CBRE Secures $8M Construction Loan For Acquisition And Development Of 555 Fulton Street In San Francisco
555 Fulton Street
$8,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 20, 2023
About this deal
AI
Fulton Retail DE1, LLC has secured $8 million in financing to acquire a development site located at 555 Fulton Street in San Francisco. The property, located in the Hayes Valley neighborhood, will be the future home of a Trader Joe's store, set to open by fall 2024. The 30-month fixed-rate bridge loan obtained from CBRE will support both the acquisition and development of the site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Address: 555 Fulton Street
- Market: San Francisco
- BROKERS: Connor Lemley, Griffin Walker, James Bach & Regina Wang - CBRE
- Loan Type: Construction
- Loan Terms: 30-month, fixed rate
The deal was facilitated by CBRE, with brokers Connor Lemley, Griffin Walker, James Bach, and Regina Wang representing the parties involved in the transaction. Their expertise and industry knowledge played a crucial role in securing the financing for Fulton Retail DE1, LLC.
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$8,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93