Deutsche Bank Provides $266M Loan For Broadway Palace Apts In DTLA
Broadway Palace Apartments, South Broadway, Los Angeles, CA, USA
$266,000,000
$959/SF
Building Size
277,250 SF
Asset Type
Mixed-use
Closing
Feb 17, 2019
AI
The Broadway Palace Apartments, located in DTLA, recently closed on a mixed-use property transaction. The deal was completed on February 18, 2019. The property, owned by Adam Rubin of L&R Group and Geoffrey H. Palmer, has garnered attention in the market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Date: February 18, 2019
- Address: Broadway Palace Apts, DTLA
Deutsche Bank provided the loan for this transaction, amounting to $266M. The loan terms include a 10-year interest-only period.
Adam Rubin, representing the L&R Group, and Geoffrey H. Palmer served as the respective landlords in this transaction.
Players
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93