Updated Sep 9, 2024
Pacific Southwest Realty Services Secures $9.6 Million Refinance Loan For Mixed-Use Community In Pasadena
456 E Orange Grove Blvd Pasadena, CA 91104, USA
$9,600,000
Units
41
Asset Type
Mixed-use
Closing
Jul 31, 2023
About this deal
AI
Renaissance Court, a mixed-use community located at 456 East Orange Grove Boulevard in Pasadena, has secured a $9.6 million non-recourse loan for refinancing. The property consists of 41 multifamily units and nine ground-level retail units, making it a versatile mixed-use asset in the Pasadena market.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $9,600,000
- Units: 41
- Address: 456 East Orange Grove Boulevard
- Market: Pasadena
Kostas Kavayiotidis, a representative of Pacific Southwest Realty Services (PSRS), played a pivotal role in securing the loan. This financing arrangement was made possible through a life insurance company. The loan terms include a 10-year term and a 30-year amortization period, enhancing the financial stability of the transaction.
On the Map
$9,600,000
Mixed-use
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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
1.65%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93