Marcus & Millichap Capital Corporation Provides $19M Bridge Loan For 9-Golf Course Portfolio In La Quinta
FINANCED
$19,000,000
California
See Similar DealsOther46,173 SF
Financed 01/31/2020
FINANCED
Marcus & Millichap Capital Corporation Provides $19M Bridge Loan For 9-Golf Course Portfolio In La Quinta
55-955 Pga Boulevard, La Quinta, CA, USA
See Similar DealsOther46,173 SF
Financed 01/31/2020
Summary
CALIFORNIA
Asset Type:Other
Price Per Square Foot:$411
Total Square Footage:46,173 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,000,000.00
Monthly NOI$126,666.67
Monthly Debt Service$120,092.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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