Updated Dec 4, 2024
WSC Communities Secures $49M Construction Loan For Multifamily Development In Downtown Santa Monica & Sawtelle
1543 7th Street, Santa Monica, California 90401, United States
$49,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 27, 2022
About this deal
AI
The loan for a multifamily property in Downtown Santa Monica and Sawtelle has been secured for a total loan amount of $49,000,000. The property is located at 1543-1557 7th Street and 1421-1427 Barry Avenue.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $49,000,000
- Lender: Lightstone Capital - Eugene Rozovsky
- Landlord: WSC Communities
- Brokers: Justin Piasecki & Richard Sutton - Lev Capital; Rahim Thobani - RST Capital Partners
- Loan Type: Construction
The loan is provided by Lightstone Capital, with Eugene Rozovsky acting as the representative. WSC Communities is the landlord for this property transaction. The brokers involved in this deal are Justin Piasecki, Richard Sutton from Lev Capital, and Rahim Thobani from RST Capital Partners.
On the Map
$49,000,000
MultiFamily
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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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93