Updated Oct 28, 2024
CGI Strategies Secures $24M Land Loan For Development Site On S. La Brea Ave
639 South La Brea Avenue, Los Angeles, CA 90036
$24,000,000
$119/SF
Building Size
201,000 SF
Asset Type
Development Site
Closing
Jun 18, 2020
About this deal
AI
Located at 639 S. La Brea Avenue in Los Angeles, this development site has recently undergone a closed property transaction. The asset type is a development site, spanning a total of 201,000 square feet. The deal was facilitated by brokers Jonathan More, Jordan Ray, Steven Buchwald, and Lexington Henn.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Date: 06/18/2021
- Market: Los Angeles
- Landlord: Zion Perets, Gidi Cohen - CGI Strategies
- Loan Terms: 12 Months
- Loan Amount: $24,000,000
- Note from Broker: Mid-single digit rate land loan, two weeks term sheet signing to close, non-recourse 💪
The landlords involved in this transaction are Zion Perets and Gidi Cohen, representing CGI Strategies. They successfully secured a loan amount of $24,000,000 for the development site. The loan has a term of 12 months and is non-recourse. The brokers, Jonathan More, Jordan Ray, Steven Buchwald, and Lexington Henn, played a crucial role in facilitating this deal.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93