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Max Benjamin Partners Secures $11.9M Loan For Construction Of 40-Unit Multifamily Asset In La Mesa

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FINANCED
$11,900,000
Zachary "Zak" Ziv
Jason Moyal
Max B. Mellman

California

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MultiFamily29,865 SF
Financed 06/28/2023
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Property Image
FINANCED

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

See Similar Deals
MultiFamily29,865 SF
Financed 06/28/2023
Zachary "Zak" Ziv
Jason Moyal
Max B. Mellman
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$398
Total Square Footage:29,865 SF
Transaction Type:Loan

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.

Players

Jason Moyal
Jason Moyal
16 deals$425.1M volume(310) 773-4938
BROKER
Max B. Mellman
Max Benjamin Partners
Max B. Mellman
20 deals$596.1M volume
BROKER
Zachary "Zak" Ziv
Max Benjamin Partners
Zachary Ziv
2 deals$17.4M volume
BROKER

Details

FINANCED
IMAGE: Jason Moyal, Zak Ziv, Max B. Mellman DATE: 06/28/2023 ADDRESS: 7385 Colony Drive MARKET: La Mesa ASSET TYPE: MultiFamily ~UNITS: 40 ~ SF: 29,865 BROKERS: Jason Moyal (@Jamgram728), Zak Ziv (@Zak.Ziv) & Max B. Mellman (@MaxBenjamin) - Max Benjamin Partners (@MaxBenjaminPartners) LOAN AMOUNT: $11,900,000 LOAN TYPE: Construction NOTE FROM BROKER: Max Benjamin Partners has just placed $11.9M in tax-exempt bond financing for the construction of a 40-unit multifamily asset in San Diego, CA. The structure leveraged the imputed land value of the project and the costs paid to date, enabling the borrower to bring no additional cash to close in a fixed rate loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,900,000.00

Monthly NOI$79,333.33
Monthly Debt Service$75,216.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00