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51 East Van Buren Street

Beau Hale Of Pine Peak Partners Provides $5.5M Refinance Loan For Chicago Parking Lot
FINANCEDDevelopment Site

Beau Hale Of Pine Peak Partners Provides $5.5M Refinance Loan For Chicago Parking Lot

51 East Van Buren Street

$5,500,000

$485/SF

Building Size

11,325 SF

Asset Type

Development Site

Closing

Oct 3, 2024

AI

The property asset involved in this transaction is a parking lot located at 51 East Van Buren Street in the Chicago market. The asset has a square footage of 11,325. The transaction involves a refinance loan amounting to $5,500,000 with terms set for 18 months.

Summary of transaction details:

  • Property Type: Parking Lot
  • Transaction Amount: $5,500,000
  • Loan Type: Refinance
  • Loan Terms: 18 months
  • Lender: Beau Hale - Pine Peak Partners

The key individual in this deal is Beau Hale, representing Pine Peak Partners as the lender for the refinancing of the property. This transaction is indicative of strategic financial management for the asset.

Players

Pine Peak Partners
Pine Peak PartnersLender

Chicago Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.88%

Cash-on-Cash

-0.82%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93