Wilshire Quinn Capital Provides $16.5M Refinance Loan For Fourth And Laurel Multifamily Property In San Diego
2426 4th Avenue
$16,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 14, 2024
AI
The Wilshire Quinn Income Fund, under Wilshire Quinn Capital, has provided a $16.5 million refinance loan for FOURTH AND LAUREL, a new luxury multifamily property located at 2426 4th Avenue in San Diego. This property consists of 36 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,500,000
- Address: 2426 4th Avenue, San Diego
- Market: San Diego
- Lender: Christopher Garcia - Wilshire Quinn Capital
- Landlord: Rudy Medina - Next Space Development
Rudy Medina of Next Space Development, the landlord, expressed his appreciation for Wilshire Quinn Capital's quick offer of the much-needed short-term lending. Christopher Garcia, the CEO of Wilshire Quinn Capital, highlighted the property's transformation which is in close proximity to their San Diego headquarters.
Players
San Diego MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93