Updated Aug 19, 2024
FINANCEDOffice
Business Finance Capital CDC Provides $1.8M Acquisition Loan For Culver City Office Building
11213 Washington Place
$1,800,000
$629/SF
Building Size
2,860 SF
Asset Type
Office
Closing
Jan 6, 2023
About this deal
AI
This two-story office building located at 11213 Washington Place in Culver City consists of 2,860 square feet and is situated on a 4,396 square foot lot. The property was acquired for $2,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $2,000,000
- Loan Amount: $1,800,000
- Loan Type: Acquisition Loan
- Lender: Business Finance Capital CDC
- Loan Terms: Owner-user purchase through the SBA 504 program with a 50% first mortgage and a 40% second mortgage
Lee Kleinman represented the lender in this transaction, facilitating the financing for the acquisition through the SBA program.
Players
Business Finance CapitalLender
Market Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.81%
Cash-on-Cash
-2.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93