Mechanics Bank Refinances Multifamily Property In Covina For $20M
FINANCED
$20,000,000
California
See Similar DealsMultiFamily134,550 SF
Financed
FINANCED
Mechanics Bank Refinances Multifamily Property In Covina For $20M
18537 East Arrow Highway
See Similar DealsMultiFamily134,550 SF
Financed
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$148
Total Square Footage:134550 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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