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3995 Overland Avenue

Culver City's Palm Court Secures $11M Refinance Loan With Max Sauerman & Paul Dubord
FINANCEDSenior Housing

Culver City's Palm Court Secures $11M Refinance Loan With Max Sauerman & Paul Dubord

3995 Overland Avenue

$11,000,000

Units

99

Asset Type

Senior Housing

Closing

Jan 3, 2024

AI

Culver City's Palm Court, a senior living complex located at 3995 Overland Avenue, has secured an $11 million loan for refinancing. The 99-unit senior housing property, owned by Paul Dubord of Goldrich Kest, obtained the loan with the assistance of Max Sauerman from Bellwether Enterprise (BWE). Built in 1991, the apartment building offers a range of amenities including a bistro, movie theater, fitness center, and concierge services.

Summary of transaction details

  • Property Type: Senior Housing
  • Transaction Amount: $11,000,000
  • Involving: Max Sauerman - Bellwether Enterprise (BWE)
  • Landlord: Paul Dubord - Goldrich Kest
  • Units: 99
  • Market: Culver City

The loan was facilitated by Max Sauerman from BWE, who represents the lender in the deal. Paul Dubord, the owner of Palm Court, is represented by Goldrich Kest as the landlord. This financing arrangement allows for the refinancing of the senior living complex, offering improved financial flexibility to Paul Dubord and Goldrich Kest for future endeavors.

Players

Bellwether Enterprise
Bellwether EnterpriseLender

Culver City Senior Housing Market Snapshot

Boundary boundary · Senior Housing · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.44%

Cash-on-Cash

-0.41%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93