Updated Nov 27, 2024
DRA Advisors & Paragon Commercial Group Secure $30M Loan For Rancho Mirage Retail Property
540 Bob Hope Drive, Rancho Mirage, CA, USA
$30,000,000
$183/SF
Building Size
163,500 SF
Asset Type
Retail
Closing
Feb 24, 2020
About this deal
AI
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
Rancho Mirage Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93