Updated Oct 29, 2024
Acuity Eye Group Refinances Bakersfield Office Building For $10M
2323 16th St Bakersfield, CA 93301, USA
$10,000,000
$102/SF
Building Size
98,033 SF
Asset Type
Office
Closing
Aug 11, 2023
About this deal
AI
The property involved in this transaction is an office building located at 2323 16th Street in Bakersfield. The asset has a total area of 98,033 square feet. The property is owned by Acuity Eye Group, a well-known landlord in the area.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $10,000,000
- Loan Type: Refinance
- Loan Terms: 5.68% Fixed for 5 Years
The transaction was facilitated by Adam Emrani from Lucent Capital acting as the broker. This was a refinance loan amounting to $10,000,000. The loan has a fixed interest rate of 5.68% for a period of 5 years.
Note from Broker: This refinance loan was one of two properties that were refinanced, totaling $10 million.
On the Map
$10,000,000
$102/SF
Office
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Players
Bakersfield 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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93