Updated Oct 29, 2024
Goldfinger Group Refinances Santa Monica Multifamily Property For $5M Loan
2620 11th Street, Santa Monica, CA, USA
$5,001,500
$618/SF
Building Size
8,084 SF
Asset Type
MultiFamily
Closing
Feb 27, 2020
About this deal
AI
The Goldfinger Group has successfully refinanced its multifamily property located at 2620 11th St in Santa Monica. The property consists of 16 units and spans 8,084 square feet. Originally purchased for $5,200,000, the property has undergone tasteful renovations, with 11 units rented out at market price.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,001,500
- Address: 2620 11th St
- Market: Santa Monica
The refinancing was obtained from Pacific Western National Bank, with loan terms set at 3.95%. The loan amount of $5,001,500 allowed the investors to retrieve 72% of their initial capital. The property now generates a cash flow of $175,000 per year, with a net operating income (NOI) of $375,000.
The landlord of the property is GK Housing LLC and 11th LLC, who successfully completed this refinancing deal.
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
3.17%
Cash-on-Cash
-0.91%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93