Updated Oct 29, 2024
Novo Capital Partners Provides $9.2M Loan For Cash-Out Refinance Of 50-Unit Multifamily Property In San Gabriel Valley
617 North Taylor Avenue, Montebello, CA, USA
$9,245,000
$176/SF
Building Size
52,256 SF
Asset Type
MultiFamily
Closing
Jan 28, 2021
About this deal
AI
Novo Capital Partners, led by Gianni Novo, arranged a $9,245,000 loan for a cash-out refinance of a 50-unit apartment building located at 617 N. Taylor Avenue in the San Gabriel Valley. The loan terms include a 5-year fixed rate, 5-year interest-only period, and a 30-year term. The loan-to-value (LTV) ratio is 68% with a prepayment penalty structure of 3-3-2-2-1%. No reserves are required for this transaction. SAS Trust serves as the landlord for the property.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,245,000
- Units: 50
- Market: San Gabriel Valley
This financing was structured to facilitate a buy-out of the limited partners involved in the ownership of the 50-unit apartment building.
Players
Montebello 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
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93