Bridge Investment Group & Rialto Capital Management Provides $34M Loan For Office Building In Venice Beach
FINANCED
$34,000,000
California
See Similar DealsOffice63,958 SF
Financed 06/01/2021
FINANCED
Bridge Investment Group & Rialto Capital Management Provides $34M Loan For Office Building In Venice Beach
606-654 South Venice Boulevard, Venice, CA, USA
See Similar DealsOffice63,958 SF
Financed 06/01/2021
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$531
Total Square Footage:63,958 SF
Transaction Type:Loan
The office property located at 606-654 Venice Boulevard in Venice Beach has been involved in a recent closed transaction. The property, with a total area of 63,958 square feet, was purchased by a buyer represented by Seth Grossman, Aaron Birnbaum, and Jackie Tran of Meridian Capital Group. The transaction was facilitated with a loan provided by Bridge Investment Group and Rialto Capital Management. The loan amount for this transaction was $34,000,000.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $34,000,000
- Address: 606-654 Venice Boulevard
- Market: Venice Beach
The landlord, REM Finance, was represented by Jim Cooper. He played a crucial role in the deal, ensuring a successful transaction for all parties involved.
Players
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$34,000,000.00
Monthly NOI$226,666.67
Monthly Debt Service$214,903.13
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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