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Sares Regis Group Acquires Multifamily Property In Cortez Hill, San Diego For $76M

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FINANCED
$76,000,000

California

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MultiFamily9,999 SF
Financed 07/01/2021
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Property Image
FINANCED

Sares Regis Group Acquires Multifamily Property In Cortez Hill, San Diego For $76M

1399 9th Avenue, Cortez Hill, San Diego, CA, USA

See Similar Deals
MultiFamily9,999 SF
Financed 07/01/2021
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$7,600
Total Square Footage:9,999 SF
Transaction Type:Loan

Located at 1399 9th Avenue in Cortez Hill, San Diego, this multifamily property recently underwent a closed transaction. The property consists of 299 units and is owned by Sares Regis Group.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $76,000,000
  • Loan: PCCP LLC - Michael Johnson
  • Landlord: Sares Regis Group

The loan for this transaction was secured through PCCP LLC, with Michael Johnson representing the lender. The property was acquired by the Sares Regis Group as the landlord.

Details

FINANCED
IMAGE: Chris Payne & Michael Johnson DATE: 07/01/2021 ADDRESS: 1399 9th Avenue MARKET: Cortez Hill, San Diego ASSET TYPE: Multifamily LENDER: PCCP LLC - Michael Johnson LANDLORD: Sares Regis Group LOAN AMOUNT: $76,000,000 UNITS: 299

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$76,000,000.00

Monthly NOI$506,666.67
Monthly Debt Service$480,371.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00