In a recent filing with the Securities and Exchange Commission, Hubilu Venture Corporation (OTC Pink Sheet: HBUV) disclosed the acquisition of a new property in Los Angeles. The real estate operator, through its subsidiary Mopane Investments, LLC, finalized the purchase of a property located at 1457 W. 35th Street on June 27, 2024, for a total of $710,000.
The property, which was vacant at the time of the acquisition, was previously under a non-binding purchase agreement with Andrea Abler, dated May 27, 2024. The transaction was completed within a month of the agreement, demonstrating the company's swift action in expanding its real estate holdings.
Financing for the purchase was secured through two loans. The first, a $624,750 note from Churchill Funding I, LLC, carries a 10% annual interest rate, with interest-only payments starting on August 1, 2024, and the principal due by July 1, 2025. The second loan, a $130,000 note from Belladonna Lily Investments, Inc., has a 6% annual interest rate, with interest-only payments commencing on July 1, 2024, and the principal due by June 30, 2029.
The acquisition aligns with Hubilu Venture Corporation's strategy to invest in real estate properties, particularly in the Los Angeles area. Hubilu focuses on properties that cater to students and professionals, seeking to capitalize on the consistent demand in these markets.
This move by Hubilu Venture Corporation is part of its broader objective to grow its portfolio and enhance its offerings in the real estate sector. The company's activities are closely monitored by
The information in this article is based on the statements from the SEC filing by Hubilu Venture Corporation.
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