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3/05/15
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In a recent financing deal in Century City, Eagle Group Finance closed an $8.75 mil short-term loan to refi a 24.9k sf, five-story commercial office building. The building is located at 10203 Santa Monica Blvd, adjacent to the Westfield Century City regional shopping center.
The building, which was designed by Frank Gehry and originally built for Samuel Goldwyn, was completed in 1964 and most recently renovated in 2002. Commuters who drive in and around the greater Century City area recognize the significance and value of this building. The property is 98 percent leased, mostly to entertainment industry companies
Eagle Group Finance stepped in to provide the financing after another private lender, which was initially approached with this transaction, failed to deliver funding in a timely manner.
“We were excited to have the opportunity to work on this transaction,” said Eagle Group Finance President Brian Good. “The size and location of the property along with the value of the collateral is typical of the attributes we look for in our loan portfolio. Consequently, we were able to execute quickly.”
“Like most of our financings, the borrower had to close quickly,” added Good. “In this case the existing lender was not prepared to extend the maturity of the loan and the borrower was looking for a quick refinance of the property.” Eagle Group closed the loan in eight days.
According to Good, the market for private lending appears to be robust as the firm’s deal flow has increased significantly over the past year and continues to grow. They expect both their loan volume and number of deals financed this year to equal or surpass all of their prior years combined.
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