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
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