Updated Sep 5, 2024
Max Benjamin Partners Secures $11.9M Loan For Construction Of 40-Unit Multifamily Asset In La Mesa
7385 Colony Dr La Mesa, CA 91942, USA
$11,900,000
$398/SF
Building Size
29,865 SF
Asset Type
MultiFamily
Closing
Jun 28, 2023
About this deal
AI
A tax-exempt bond financing of $11.9 million has been secured by Max Benjamin Partners for the construction of a 40-unit multifamily asset located at 7385 Colony Drive in La Mesa, San Diego, CA. The property spans approximately 29,865 square feet and is situated in a desirable market.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $11,900,000
- Units: 40
- Square Footage: 29,865
- Market: La Mesa
- Brokers: Jason Moyal, Zak Ziv, and Max B. Mellman - Max Benjamin Partners
Jason Moyal, Zak Ziv, and Max B. Mellman from Max Benjamin Partners facilitated the transaction, leveraging the imputed land value of the project and the costs paid to date. This enabled the borrower to secure a fixed-rate loan without requiring any additional cash to close.
On the Map
$11,900,000
$398/SF
MultiFamily
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Players
Los Angeles 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
1.33%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93