JLL Arranges $42.7M Bridge Loan For MultiFamily Property In Santa Maria, California
FINANCED
$42,700,000
+ 2
California
See Similar DealsMultiFamily137,683 SF
Financed 08/30/2023
FINANCED
JLL Arranges $42.7M Bridge Loan For MultiFamily Property In Santa Maria, California
3519 Mercury Dr Santa Maria, CA 93455, USA
See Similar DealsMultiFamily137,683 SF
Financed 08/30/2023
+ 2
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$310
Total Square Footage:137,683 SF
Transaction Type:Loan
The property involved in this transaction is a MultiFamily asset located at 3519 Mercury Drive in Santa Maria, California. It consists of 167 units with a total square footage of 137,683.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $42,700,000
- Lender: MF1 Capital
- Landlord: The Vernon Group - Brad Vernon & Brett Vernon
- Brokers: Matt Stewart, Alex Olson, Chad Morgan & Jacob Michael - JLL
- Loan Type: Bridge
Matt Stewart, Alex Olson, Chad Morgan, and Jacob Michael from JLL acted as the brokers in this deal. They played a crucial role in facilitating the transaction between the lender, MF1 Capital, and the landlord, The Vernon Group. The loan amount for this deal was $42,700,000, and it was categorized as a bridge loan.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,700,000.00
Monthly NOI$284,666.67
Monthly Debt Service$269,893.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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