Updated Feb 16, 2024
Cisterra Development, Koman Group, And Wermers Companies Secure $96M Loan For Mixed-use Property On 9th Avenue, San Diego
659 9th Avenue, San Diego, CA, USA
$96,000,000
$376/SF
Building Size
255,000 SF
Asset Type
Mixed-use
Closing
May 9, 2021
About this deal
AI
A loan of $96,000,000 was secured for the mixed-use property located at 659 9th Avenue in San Diego. The property spans 255,000 square feet and is owned by Cisterra Development, Koman Group, and Wermers Companies. ACORE Capital provided the loan, with Kyle Jeffers representing the lender.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $96,000,000
- Address: 659 9th Avenue, San Diego
- Market: San Diego
- Lender: ACORE Capital - Kyle Jeffers
- Landlord: Cisterra Development - Steven L. Black, Koman Group - Bill Koman & Wermers Companies
- SF: 255,000
Mark McGovern of CBRE served as the broker in this transaction.
On the Map
$96,000,000
$376/SF
Mixed-use
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Players
San Diego 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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93