Builders Capital Funds $13.3M Loan For Palm Desert Development Site
77-200 California Drive, Palm Desert, CA, USA
$13,300,000
$112/SF
Building Size
118,000 SF
Asset Type
Development Site
Closing
Jul 28, 2020
AI
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
Palm Desert 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
1.19%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93