Updated Sep 9, 2024
Zalmi Klyne Of Northmarq Secures $14M Construction Loan For UCLA Student Housing
535 Glenrock Ave Los Angeles, CA 90024, USA
$14,000,000
Building Size
—
Asset Type
Student Housing
Closing
Jun 20, 2023
About this deal
AI
Zalmi Klyne of Northmarq's Los Angeles office secured a $14 million construction loan for a student housing project near UCLA located at 535 Glenrock Avenue. The project will consist of a new six-story building with 134 beds and modern amenities. Its convenient proximity to the university makes it an ideal choice for students.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $14,000,000
- Address: 535 Glenrock Avenue
- Market: Los Angeles
- Asset Type: Student Housing
- Acres: 0.19
Zalmi Klyne, representing Northmarq, worked diligently to secure the construction financing for this student housing project. The development will provide much-needed housing for UCLA students and enhance their living experience with its modern amenities and close proximity to the university.
Players
Los Angeles Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93