Updated Feb 16, 2024
Meriwether Companies And Singerman Real Estate Refinance Members-only Club In Cheviot Hills For $46M
3084 Motor Avenue, Cheviot Hills, Los Angeles, CA, USA
$46,000,000
$1,295/SF
Building Size
35,520 SF
Asset Type
Other
Closing
Apr 22, 2018
About this deal
AI
The members-only club located at 3084 Motor Avenue in Cheviot Hills, Los Angeles, has been refinanced for a total amount of $46,000,000. The asset, owned by Meriwether Companies - Gerry Engle, Noah Hahn, Graham Culp, and Garrett Simon, along with Singerman Real Estate, serves as a resort and hospitality development.
Summary of transaction details
- Property Type: Members-only Club
- Transaction Amount: $46,000,000
- Address: 3084 Motor Avenue, Los Angeles
- Market: Cheviot Hills
ACORE Capital, represented by Warren de Haan, provided the refinancing loan for the club. Meriwether Companies and Singerman Real Estate acquired the property in May 2015, using a $30 million loan for acquisition and renovation costs. Property records show that the club was previously owned by Gene Axelrod of L.A. Partners and was last traded in 1985. It was named the Beverly Hills Country Club under Axelrod's ownership. The successful refinancing of the club highlights the ongoing growth and development in the resort and hospitality sector.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93