DiversyFund And Highland Construction Secure $26.9M Construction Loan For San Diego Multifamily Property
FINANCED
$26,900,000
California
See Similar DealsMultiFamily
Financed 09/26/2022
FINANCED
DiversyFund And Highland Construction Secure $26.9M Construction Loan For San Diego Multifamily Property
3922 Park Boulevard, San Diego, California 92103, United States
See Similar DealsMultiFamily
Financed 09/26/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 3922-3932 Park Blvd in San Diego, CA has recently undergone a closed transaction. The property consists of 61 units and was acquired by DiversyFund, Inc. and Highland Construction. The deal was facilitated by JLL Capital Markets, with Bryan Clark, Olga Walsh, and Daniel Pinkus acting as the brokers.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $26,900,000
- Loan Type: Construction Loan
- Loan Terms: fixed interest rate to alleviate any interest rate risk during the loans’ co-terminus five-year term
The loan amount for this transaction is $26,900,000, and it is classified as a construction loan. The loan terms include a fixed interest rate to mitigate any potential interest rate risks during the five-year term. The loan was secured by the property at 3922-3932 Park Blvd.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$26,900,000.00
Monthly NOI$179,333.33
Monthly Debt Service$170,026.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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