Beverly Dev Site Secures $231M Loan From Deutsche Bank & Starwood Property Trust
FINANCED
$231,000,000
California
See Similar DealsDevelopment Site12,000 SF
Financed 06/18/2020
FINANCED
Beverly Dev Site Secures $231M Loan From Deutsche Bank & Starwood Property Trust
8899 Beverly Boulevard, Los Angeles, CA 90048
See Similar DealsDevelopment Site12,000 SF
Financed 06/18/2020
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$19,250
Total Square Footage:12,000 SF
Transaction Type:Loan
The property involved in this closed transaction is a development site located at 8899 Beverly in the Westside market. The transaction took place on June 18, 2021.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $231,000,000
The loan for this transaction was provided by Deutsche Bank and Starwood Property Trust, with Troy Miller representing Starwood Property Trust. Angelo Gordon serves as the landlord, with Josh Baumgarten and Townscape Partners representing them. The brokers involved in this deal are Rob Rubano from Cushman & Wakefield and Keith Padien, as well as Fredrik Eklund from Douglas Elliman.
Josh Baumgarten, Adam Schwartz, Troy Miller, Fredrik Eklund, Keith Padien, and Rob Rubano can be seen in the image shared on Instagram for this transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$231,000,000.00
Monthly NOI$1,540,000.00
Monthly Debt Service$1,460,077.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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