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Eric Abergel Of Convoy Capital Provides $17.3M Acquisition Loan For Venice Retail

Property Image
FINANCED
$17,300,000

California

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Retail21,656 SF
Financed 02/27/2024
the dealplayerscompscontact
Property Image
FINANCED

Eric Abergel Of Convoy Capital Provides $17.3M Acquisition Loan For Venice Retail

Retail21,656 SF
Financed 02/27/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$798
Total Square Footage:21,656 SF
Transaction Type:Loan

The property located at 1327 & 1337 Abbot Kinney Boulevard in Venice, CA, is a retail asset spanning 10,828 square feet. The loan for this acquisition was facilitated by Eric Abergel of Convoy Capital, amounting to $17,300,000. The loan terms include a 3-year fixed period, followed by a 1-year interest-only period, with a 6.06% interest rate and a 59% loan-to-value ratio.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $17,300,000
  • Address: 1327 & 1337 Abbot Kinney Boulevard, Venice, CA
  • Market: Venice, CA
  • Lender: Eric Abergel - Convoy Capital
  • Loan Type: Acquisition Loan
  • Loan Terms: 3-Yr. Fixed | 1-Yr I.O. | 6.06% Interest Rate | 59% LTV

For further information regarding this loan transaction, individuals are encouraged to reach out to Eric Abergel at [email protected]. Eric Abergel played a pivotal role as the lender in this acquisition loan deal, assisting in the successful completion of the transaction.

Players

Eric Abergel
Convoy Capital
Eric Abergel
1 deal$17.3M volume(310) 961-9128
BROKER

Details

FINANCED
IMAGE: Eric Abergel DATE: 02/27/2024 ADDRESS: 1327 & 1337 Abbot Kinney Boulevard MARKET: Venice, CA ASSET TYPE: Retail ~ SF: 10,828 LENDER: Eric Abergel - Convoy Capital (@Convoy_Capital) LOAN AMOUNT: $17,300,000 LOAN TYPE: Acquisition Loan LOAN TERMS: 3-Yr. Fixed | 1-Yr I.O. | 6.06% Interest Rate | 59% LTV NOTE FROM LENDER: Contact Eric Abergel at [email protected] for more information.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$17,300,000.00

Monthly NOI$115,333.33
Monthly Debt Service$109,347.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00