LOS ANGELES, CA – Hubilu Venture Corporation (OTC Pink Sheet:HBUV), a real estate operator specializing in leasing properties, has completed the acquisition of a property located at 1460 North Eastern Avenue in Los Angeles for $670,000, as disclosed in a recent SEC filing.
The transaction, which was finalized on Monday, was executed through Hubilu's subsidiary, Mopane Investments, LLC. The property was partially vacant at the time of purchase. The acquisition aligns with Hubilu's strategic focus on expanding its real estate portfolio in the Los Angeles area.
To facilitate the purchase, Mopane Investments entered into two separate loan agreements. The first, a $670,000 note with LendingOne, LLC, carries an interest rate of 9.50% per annum, with interest-only monthly payments starting August 1, 2024, and a maturity date of April 1, 2025. The second, a $175,000 note with Belladonna Lily Investments, Inc., bears an interest rate of 6% per annum, with interest-only monthly payments commencing July 1, 2024, and a maturity date of June 30, 2029.
The property, located in a key urban area of Los Angeles, adds to Hubilu's portfolio of real estate assets and is expected to contribute to the company's revenue stream once fully leased. Hubilu has not disclosed specific plans for the development or renovation of the newly acquired property.
This news article is based on information contained in a press release statement and SEC filings.
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