Hankey Capital Provides $48.5M Bridge Loan For Mixed-Use Property In Burbank
FINANCED
$48,500,000
California
See Similar DealsMixed-use1,000,000 SF
Financed 03/10/2022
FINANCED
Hankey Capital Provides $48.5M Bridge Loan For Mixed-Use Property In Burbank
2311 N Hollywood Way, Burbank, CA 91505
See Similar DealsMixed-use1,000,000 SF
Financed 03/10/2022
Summary
CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$48
Total Square Footage:1,000,000 SF
Transaction Type:Loan
LaTerra Development and Chris Tourtellotte have finalized a closed transaction involving a mixed-use property located at 2311 N. Hollywood Way, Burbank. The property spans approximately 1,000,000 square feet and is situated in the Burbank market.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $48,500,000
- Loan Type: Bridge Loan
- Loan Terms: Non-Recourse
- Lender: Hankey Capital - Priyesh Bhakta
- Landlord: LaTerra Development - Chris Tourtellotte
Hankey Capital, represented by Priyesh Bhakta, provided a bridge loan with a non-recourse loan structure to facilitate the transaction. LaTerra Development, led by Chris Tourtellotte, acted as the landlord in this closed deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,500,000.00
Monthly NOI$323,333.33
Monthly Debt Service$306,552.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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