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Built Development Secures $33M Loan For Little Italy Multifamily Property

Property Image
FINANCED
$33,000,000

California

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MultiFamily63,500 SF
Financed 04/19/2022
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Property Image
FINANCED

Built Development Secures $33M Loan For Little Italy Multifamily Property

915 West Grape Street, San Diego, California 92101, United States

See Similar Deals
MultiFamily63,500 SF
Financed 04/19/2022
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$519
Total Square Footage:63,500 SF
Transaction Type:Loan

Located in the vibrant neighborhood of Little Italy, the multifamily property at 915 W. Grape St. has recently been involved in a closed transaction. Developed by Built Development, this property spans approximately 63,500 square feet and comprises 70 residential units. The transaction took place on 04/19/2022, when a loan of $33,000,000 was secured for this asset.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $33,000,000
  • Address: 915 W. Grape St.
  • Market: Little Italy
  • Square Footage: 63,500
  • Units: 70

Represented by the brokers from JLL Capital Markets, Jeff Sause, Christopher Collins, and Chad Morgan played a crucial role in facilitating this transaction. Their expertise in the market and their agency's strong reputation contributed to the success of the deal.

Players

Jeff Sause
33 deals$1.6B volume
BROKER

Chris Collins
Marcus & Millichap
13 deals$123.4M volume
BROKER

Chad Morgan
JLL
13 deals$542.4M volume(949) 274-0018
BROKER

Details

FINANCED
IMAGE: Jeff Sause, Christopher Collins & Chad Morgan DATE: 04/19/2022 ADDRESS: 915 W. Grape St. MARKET: Little Italy ASSET TYPE: Multifamily ~ SF: 63,500 ~ UNITS: 70 LANDLORD: Built Development BROKERS: Jeff Sause, Christopher Collins & Chad Morgan - JLL Capital Markets LOAN AMOUNT: $33,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$33,000,000.00

Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00