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Lee Kleinman Secures $10.08M Loan For Paved Parking Lots In Downtown Los Angeles

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FINANCED
$10,080,000

California

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Mixed-use15,395 SF
Financed 03/29/2023
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Property Image
FINANCED

Lee Kleinman Secures $10.08M Loan For Paved Parking Lots In Downtown Los Angeles

1149-1151 S. Hope St.

See Similar Deals
Mixed-use15,395 SF
Financed 03/29/2023
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$654
Total Square Footage:15,395 SF
Transaction Type:Loan

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

Business Finance Capital
Business Finance Capital
LENDER

Details

FINANCED
IMAGE: Lee Kleinman DATE: 03/29/2023 ADDRESS: 1149-1151 S. Hope St. MARKET: Downtown Los Angeles ASSET TYPE: Paved Parking Lots ~ SF: 15,395 LENDER: Lee Kleinman (@Busbnkr) - Business Finance Capital CDC (@BFCFunding) LANDLORD: Allen Patatanyan And Neama Rahmani LOAN AMOUNT: $10,080,000 LOAN TYPE: Acquisition Loan LOAN TERMS: This was an owner-user purchase through the SBA 504 program where the bank will provide a 50% 1st mortgage and the SBA/CDC will provide a 40% 2nd mortgage which will be used to refinance the seller carryback notes. These two paved parking lots will be used for client/employee parking and traded for $11,200,000.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,080,000.00

Monthly NOI$67,200.00
Monthly Debt Service$63,712.46
Change in Cash Flow$0.00
Refinance Proceeds$0.00