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1601 Payne Street

Soul And Smoke Obtains $3.29M SBA Construction Loan For Retail Asset In Evanston
FINANCEDRetail

Soul And Smoke Obtains $3.29M SBA Construction Loan For Retail Asset In Evanston

1601 Payne Street

$3,285,600

$205/SF

Building Size

16,000 SF

Asset Type

Retail

Closing

Feb 7, 2025

AI

The property asset involved in this transaction is a retail space located at 1601 Payne Street in Evanston. The total square footage of the property is 16,000 square feet. The loan amount secured for this asset is $3,285,600, specifically an SBA Construction Loan.

Summary of transaction details:

The key individuals involved in this deal are Ben Kadish and Dylan Batman, who represent Maverick Commercial Mortgage. They played a crucial role in facilitating the loan for the borrower, Soul and Smoke, ensuring the successful completion of this transaction.

Players

Ben Kadish

Maverick Commercial Mortgage

Broker

$131.7M

vol

9 deals

Broker

Evanston Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.83%

Cash-on-Cash

-1.38%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93