Mechanics Bank Refinances Multifamily Property In Covina For $20M
18537 East Arrow Highway
$20,000,000
$148/SF
Building Size
134,550 SF
Asset Type
MultiFamily
Closing
Jan 26, 2023
AI
The property involved in this transaction is a multifamily asset located at 18537 East Arrow Highway in Covina. The property spans approximately 134,550 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Address: 18537 East Arrow Highway, Covina
- Market: Covina
The lender for this transaction is Mechanics Bank, and the landlord is Bob Tamkin.
The brokers involved in this deal are Carter Gill from First Pacific Financial (https://www.linkedin.com/in/carter-gill-b1b5b21a1/) and Todd Sherman, also from First Pacific Financial (https://www.linkedin.com/in/todd-sherman-2554a82b/).
The loan amount for this transaction is $20,000,000, and it is a refinance loan.
Players
Market 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93