USA Properties Fund Acquires Development Site In La Mesa For $42.8M With KeyBank Community Development Lending & Investment Loan
FINANCED
$42,800,000
California
See Similar DealsDevelopment Site
Financed 06/01/2023
FINANCED
USA Properties Fund Acquires Development Site In La Mesa For $42.8M With KeyBank Community Development Lending & Investment Loan
8181 Allison Avenue, La Mesa, California 91942, United States
See Similar DealsDevelopment Site
Financed 06/01/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
USA Properties Fund, Inc has secured a construction and bridge loan for a development site located at 8181 Allison Ave in La Mesa. The loan amount from KeyBank Community Development Lending & Investment is $42,800,000. The property is situated in the La Mesa market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $42,800,000
- Lender: KeyBank Community Development Lending & Investment - Jeremiah Drake & Kevin Ruf
- Landlord: USA Properties Fund, Inc - Geoff Brown
- Address: 8181 Allison Ave, La Mesa
Geoff Brown, representing USA Properties Fund, Inc, facilitated the deal as the landlord. Jeremiah Drake and Kevin Ruf, from KeyBank Community Development Lending & Investment, acted as the lenders for the construction and bridge loan associated with the development site.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,800,000.00
Monthly NOI$285,333.33
Monthly Debt Service$270,525.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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