Updated Dec 4, 2024
The BLVD Group Acquires Bonnie Brae Terrace Senior Housing In Belmont, CA For $18M
2400 Carlmont Drive
$18,000,000
Units
164
Asset Type
Senior Housing
Closing
Sep 29, 2023
About this deal
AI
The BLVD Group, represented by Robert Budman, has acquired the 164-unit Bonnie Brae Terrace senior housing community in Belmont, CA. The property, located at 2400 Carlmont Drive, was sold by Lesley Senior Communities, represented by Catherine Evans. The sale price for the property was $18 million.
Summary of transaction details
- Property Type: Senior Housing
- Transaction Amount: $18,000,000
- Address: 2400 Carlmont Drive
- Market: Belmont
The BLVD Group plans to renovate the Bonnie Brae Terrace senior housing community, ensuring its affordability and enhancing its amenities. The acquisition was made possible through a $10.8 million Fannie Mae loan obtained by The BLVD Group. The future renovations will include the addition of a fitness center and a movie room.
On the Map
$18,000,000
Senior Housing
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Belmont Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93