Updated Sep 5, 2024
Schelin Uldricks & Co Secures $63M Loan To Refinance SOMO Village Development Site In Rohnert Park
Sw Of The Intersection Of Bodway Parkway And Camino Colegio
$63,000,000
$106/SF
Building Size
593,645 SF
Asset Type
Development Site
Closing
Apr 20, 2023
About this deal
AI
Schelin Uldricks & Co. has secured a $63 million loan to refinance SOMO Village, a mixed-use development in Rohnert Park. The development site spans over 593,645 square feet and is located in the market of Rohnert Park, specifically southwest of the intersection of Bodway Parkway and Camino Colegio.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $63,000,000
- Address: SW of the Intersection of Bodway Parkway and Camino Colegio
- Market: Rohnert Park
- Asset Type: Development Site
- Building Square Footage: 593,645
The loan obtained by Schelin Uldricks & Co. will be used to refinance SOMO Village, providing property owners with access to equity in the project. The financing will also fund construction on adjacent land, contributing to an increase in the housing supply in an under-supplied market. Despite a volatile capital market, the loan will support the further development of SOMO Village.
Market 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93