DRA Advisors & Paragon Commercial Group Secure $30M Loan For Rancho Mirage Retail Property
FINANCED
$30,000,000
California
See Similar DealsRetail163,500 SF
Financed 02/25/2020
FINANCED
DRA Advisors & Paragon Commercial Group Secure $30M Loan For Rancho Mirage Retail Property
540 Bob Hope Drive, Rancho Mirage, CA, USA
See Similar DealsRetail163,500 SF
Financed 02/25/2020
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$183
Total Square Footage:163,500 SF
Transaction Type:Loan
In a closed property transaction, a retail asset located at 42-540 Bob Hope Drive in Rancho Mirage has been involved. The property boasts a total area of 163,500 square feet and is situated in the Rancho Mirage market. The deal was finalized on 02/25/2020.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $30,000,000
- Lender: CIT Bank
- Landlord: DRA Advisors & Paragon Commercial Group
- Brokers: David Milestone, Dustin Stolly & Jordan Roeschlaub - Newmark Knight Frank
The loan associated with this transaction amounted to $30,000,000 and features a loan term of 5 years. The property, located at 42-540 Bob Hope Drive, is a retail asset in Rancho Mirage. The deal's brokers were David Milestone, Dustin Stolly, and Jordan Roeschlaub from Newmark Knight Frank. The lenders in this transaction were CIT Bank, while the property's landlords were DRA Advisors and Paragon Commercial Group.
Players
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,000,000.00
Monthly NOI$200,000.00
Monthly Debt Service$189,620.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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