WSC Communities Secures $49M Construction Loan For Multifamily Development In Downtown Santa Monica & Sawtelle
FINANCED
$49,000,000
California
See Similar DealsMultiFamily
Financed 03/28/2022
FINANCED
WSC Communities Secures $49M Construction Loan For Multifamily Development In Downtown Santa Monica & Sawtelle
1543 7th Street, Santa Monica, California 90401, United States
See Similar DealsMultiFamily
Financed 03/28/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$49,000,000.00
Monthly NOI$326,666.67
Monthly Debt Service$309,713.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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