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Hackman Capital Partners And Affinius Capital Secure $75 Million Refinance Loan For Culver Steps

Property Image
FINANCED
$75,000,000

California

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Development Site121,000 SF
Financed 08/15/2024
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Property Image
FINANCED

Hackman Capital Partners And Affinius Capital Secure $75 Million Refinance Loan For Culver Steps

9300 Culver Boulevard

See Similar Deals
Development Site121,000 SF
Financed 08/15/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$619
Total Square Footage:121,000 SF
Transaction Type:Loan

A mixed-use property located at 9300 Culver Boulevard in Culver City encompasses 121,000 square feet. This property features office and retail spaces, currently leased by Amazon and Erewhon.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $75,000,000
  • Lender: Deutsche Bank & Wells Fargo
  • Landlord: Michael Hackman - Hackman Capital Partners; Len O'Donnell - Affinius Capital
  • Loan Type: Refinance
  • Loan Terms: five-year loan with a fixed interest rate of 6.62 percent

The transaction involved Hackman Capital Partners and Affinius Capital securing financing for the Culver Steps project. The net operating income of the property increased by 41% from 2022 to 2023, with projections to achieve an annual income of $8.6 million.

Players

Deutsche Bank
Deutsche Bank
LENDER
Wells Fargo
Wells Fargo
LENDER

Details

FINANCED
IMAGE: Michael Hackman & Jeff Bezos DATE: 08/15/2024 ADDRESS: 9300 Culver Boulevard MARKET: Culver City ASSET TYPE: Mixed-use ~ SF: 121,000 LENDER: Deutsche Bank (@DeutscheBank) & Wells Fargo (@WellsFargo) LANDLORD: Michael Hackman - Hackman Capital Partners; Len O'Donnell - Affinius Capital LOAN AMOUNT: $75,000,000 LOAN TYPE: Refinance LOAN TERMS: five-year loan, which has a fixed interest rate of 6.62 percent NOTE: Hackman Capital Partners and Affinius Capital secured a $75 million loan from Deutsche Bank and Wells Fargo to refinance the Culver Steps project in Culver City, which features office and retail spaces leased by Amazon and Erewhon. The property's net operating income rose 41% from 2022 to 2023, with expectations to reach $8.6 million annually.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$75,000,000.00

Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00