Cisterra Development, Koman Group, And Wermers Companies Secure $96M Loan For Mixed-use Property On 9th Avenue, San Diego
FINANCED
$96,000,000
California
See Similar DealsMixed-use255,000 SF
Financed 05/10/2021
FINANCED
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
See Similar DealsMixed-use255,000 SF
Financed 05/10/2021
Summary
CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$376
Total Square Footage:255,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$96,000,000.00
Monthly NOI$640,000.00
Monthly Debt Service$606,785.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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