Builders Capital Funds $13.3M Loan For Palm Desert Development Site
FINANCED
$13,300,000
California
See Similar DealsDevelopment Site118,000 SF
Financed 07/28/2020
FINANCED
Builders Capital Funds $13.3M Loan For Palm Desert Development Site
77-200 California Drive, Palm Desert, CA, USA
See Similar DealsDevelopment Site118,000 SF
Financed 07/28/2020
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$112
Total Square Footage:118,000 SF
Transaction Type:Loan
A development site located at 77-200 California Drive in Palm Desert has been involved in a recent transaction. The property, situated in the Palm Desert market, is a development site and was part of Phase I of a 69 home subdivision. The loan amount for this transaction was $13,300,000, which covered 100% of the site work and vertical development costs. The property spans a total of 118,000 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,300,000
- Address: 77-200 California Drive
- Market: Palm Desert
The lender involved in this transaction was Builders Capital. The landlords of the property are Monark Ventures and Palm Desert Country Club. The brokers for this deal were Cameron Huard and Will Macfee, representing WelcomeLend.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,300,000.00
Monthly NOI$88,666.67
Monthly Debt Service$84,065.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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