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Related Companies And Weingart Center Secure $30M Construction Loan For Skid Row Housing Project
FINANCED
$30,000,000
California
See Similar DealsDevelopment Site
Financed 06/30/2023
FINANCED
Related Companies And Weingart Center Secure $30M Construction Loan For Skid Row Housing Project
600 San Pedro St Los Angeles, CA 90021, USA
See Similar DealsDevelopment Site
Financed 06/30/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
Related Companies and the Weingart Center have obtained $30 million in state-backed bonds for their transitional housing project near Skid Row in Los Angeles. The funding will support the construction of an 18-story tower at 600 South San Pedro Street, offering 298 affordable units and on-site supportive services.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $30,000,000
- Lender: California Municipal Finance Authority
- Landlord: Related Companies - William Witte; Weingart Center - Kevin Murray
The construction loan of $30 million was secured by Related Companies and the Weingart Center for their transitional housing project. The 18-story tower located at 600 South San Pedro Street in Los Angeles will provide 298 affordable units along with on-site supportive services.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,000,000.00
Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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