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:
- Property Type: Retail
- Transaction Amount: $3,285,600
- Borrower: Soul and Smoke
- Loan Type: SBA Construction Loan
- Market: Evanston
- Address: 1601 Payne Street
- Brokers: Ben Kadish & Dylan Batman - Maverick Commercial Mortgage
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.
Evanston Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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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