Ready Capital Provides $141.4M Preferred Equity Loan For Multifamily Property In Santa Monica
1522 6th Street, Santa Monica, California 90405, United States
$141,400,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 6, 2022
AI
An undisclosed multifamily property in Santa Monica has secured a preferred equity loan from Ready Capital. The asset, located at 1522 6th Street, Suite 100, comprises a total of 399 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $141,400,000
- Lender: Ready Capital
- Landlord: WS Communities
- Broker: Bryan Gortikov - Gortikov Capital
WS Communities, the landlord of the property, facilitated the deal, whereas Bryan Gortikov from Gortikov Capital acted as the broker representative.
Players
Santa Monica MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93