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5/18/15
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Pacific Southwest Realty Services (PSRS) recently closed two loans totaling $21.9 mil for Steaven Jones Development Company (SJDC) to refinance two creative office buildings known as the MediaWorks campus in Marina Del Rey.
MediaWorks is conveniently located at the corner of Culver Blvd and the Marina (90) Fwy in Marina del Rey. Set on 4.5 acres, the property consists of over 120k sf of creative office space that caters to technology, marketing, telecommunications, advertising, and production companies. The property offers ample secured parking, covered reserved executive parking, and a large outdoor eating area. Tenants are attracted to the creative interior architecture: high ceilings, large skylights, operable windows, and individual HVAC package units (for individual air control).
Mike Davis, vice-president of PSRS, arranged the non-recourse loans with two correspondent life insurance companies. The funds were intended to pay off existing debt and to finance future improvements to the property.
The financing package included a 25-year, fixed-rate term and a 30-year amortization schedule at rates competitive with today’s 10-year loans. The financing package includes multiple assumption rights and the ability to go back to the lender for additional funding without originating a new loan or triggering a prepayment penalty. This creative structure eliminated any concerns about “trapped equity” over the course of the term.
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