Updated Oct 28, 2024
RhodesMoore Acquires Multifamily Property In Clairemont With $28M Construction Loan From Live Oak Bank & Locust Point Capital
Clairemont, San Diego, California, United States
$28,000,000
$383/SF
Building Size
73,000 SF
Asset Type
MultiFamily
Closing
Jun 13, 2022
About this deal
AI
The property involved in this closed transaction is a multifamily asset located in Clairemont. It has a total square footage of 73,000 and sits on a 1.5-acre lot.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,000,000
- Market: Clairemont
- Square Footage: 73,000
- Acres: 1.5
The loan for this transaction was provided by Live Oak Bank represented by James S. Mahan III and Locust Point Capital represented by Eric M. Smith. The landlord of the property is RhodesMoore and Frontier Management.
The loan amount for this transaction was $28,000,000 and the loan type was construction.
Players
San Diego 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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93