IceCap Group Provides Construction Loan To Concept Design And Builders For Development Site In Los Angeles
$8,635,000
$412/SF
Building Size
20,934 SF
Asset Type
Development Site
Closing
Aug 25, 2023
AI
The asset involved in this transaction is a development site located in Los Angeles, encompassing a buildable square footage of 20,934. The loan was secured through IceCap Group for an amount of $8,635,000, designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,635,000
- Lender: IceCap Group - Tameer Orevi
- Landlord: Concept Design And Builders - Nick Nikkhoo
- Loan Type: Construction
- Loan Terms: 82.50% LTC, interest only loan, 24 month loan term
Tameer Orevi represented IceCap Group in this loan transaction. Likewise, Nick Nikkhoo represented Concept Design And Builders, facilitating the deal on their behalf.
Players
Market 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
1.84%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93