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Citivest Commercial Investments LLC Provides $20 Million Bridge Loan For Merced Retail Redevelopment
FINANCED
$20,000,000
California
See Similar DealsRetail85,000 SF
Financed 01/08/2025
FINANCED
Citivest Commercial Investments LLC Provides $20 Million Bridge Loan For Merced Retail Redevelopment
851 West Olive Avenue
See Similar DealsRetail85,000 SF
Financed 01/08/2025
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$235
Total Square Footage:85,000 SF
Transaction Type:Loan
The property involved in the transaction is located at 851 West Olive Avenue, in Merced. It is a retail asset with a total square footage of 85,000. The transaction includes a bridge loan arranged for the redevelopment of this outparcel, which was formerly occupied by Sears.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $20,000,000
- Lender: Citivest Commercial Investments LLC
- Broker: Michael Guterman - Bellwether Enterprise (BWE)
- Loan Type: Bridge
- Loan Terms: 30-month
The broker involved in the transaction is Michael Guterman, who represents Bellwether Enterprise (BWE). The loan arranged will facilitate interior renovations and the establishment of two new pad sites, with tenants that include Ulta Beauty, Five Below, and Burlington Coat Factory.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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