Updated Nov 27, 2024
Marcus & Millichap Capital Corporation Provides $19M Bridge Loan For 9-Golf Course Portfolio In La Quinta
55-955 Pga Boulevard, La Quinta, CA, USA
$19,000,000
$411/SF
Building Size
46,173 SF
Asset Type
Other
Closing
Jan 30, 2020
About this deal
AI
A golf course portfolio in La Quinta, consisting of 9 golf courses, has been acquired for a total of $37 million. The portfolio is located at 55-955 Pga Blvd in the La Quinta market. The acquisition took place on January 31, 2020.
Summary of transaction details:
- Property Type: Golf Course
- Transaction Amount: $37,000,000
- Address: 55-955 Pga Blvd
- Market: La Quinta
The loan for this transaction was provided by Marcus & Millichap Capital Corporation. The loan amount was $19,000,000 with a term of 12 months at an interest rate of 8.99%. The landlord of the property is Blackstone.
The broker involved in this deal is Marc Cesarec from the Cesarec Group.
Players
La Quinta Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93