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Hubilu Venture Corporation (OTC Pink Sheet:HBUV), a real estate holding company, has completed the acquisition of a property located at 1650 S Rimpau Blvd. in Los Angeles, California, for a total purchase price of $650,000. The transaction was finalized on Monday, with the property being vacant at the time of purchase.
The acquisition was conducted through Hubilu’s subsidiary, Elata Investments, LLC. Financing for the purchase includes two loans: a first position note of $520,000 from Investor Mortgage Finance, LLC, with a 7.125% annual interest rate, and a second position note of $250,000 from Jacaranda3 Investments, Inc., with an 8.00% annual interest rate.
The first loan requires monthly payments of $3,503.34 starting on May 7, 2025, and will continue until June 1, 2055, when the remaining principal and interest are due. The second loan is interest-only, with monthly payments of $1,333 beginning on June 1, 2025, and continuing until December 31, 2029, when the full balance is due.
Hubilu Venture Corporation, incorporated in Delaware with its principal executive offices in Beverly Hills, California, specializes in acquiring, managing, and leasing real estate properties. The company’s focus is on providing housing to students and professionals in the Southern California area.
This strategic acquisition aligns with Hubilu’s commitment to expanding its real estate portfolio and enhancing its market presence in the Los Angeles area. The information about the acquisition is based on a press release statement and the details of the transaction are disclosed in the company’s recent 8-K filing with the Securities and Exchange Commission.
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