Updated Feb 16, 2024
Lee Kleinman Secures $10.08M Loan For Paved Parking Lots In Downtown Los Angeles
1149-1151 S. Hope St.
$10,080,000
$654/SF
Building Size
15,395 SF
Asset Type
Mixed-use
Closing
Mar 29, 2023
About this deal
AI
Located in Downtown Los Angeles, the property at 1149-1151 S. Hope St. consists of two paved parking lots with a total square footage of 15,395. The property was recently involved in a closed transaction.
Summary of transaction details:
- Property Type: Paved Parking Lots
- Transaction Amount: $11,200,000
The acquisition loan for this transaction was provided by Lee Kleinman - Business Finance Capital CDC. The loan amount was $10,080,000, and it was obtained through the SBA 504 program. The program involves a 50% first mortgage from the bank and a 40% second mortgage from the SBA/CDC. The loan will be used to refinance the seller carryback notes.
The landlords of the property are Allen Patatanyan and Neama Rahmani. The transaction involved the purchase of the parking lots for client and employee parking purposes.
Players
Los Angeles Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.57%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93