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Commercial Real Estate Financing Briefs

9/19/18

QUANTUM CAPITAL PARTNERS - Quantum Capital Partners has arranged $16 mil in long-term first mortgage debt to recapitalize a new 27k sf retail center in Downtown Los Angeles’ Arts District. Located at 833 E. Third St, the retail center is the $5 mil adaptive reuse of a 1930’s bowstring truss warehouse building by the sponsor, a local investment group operating as Third Art Holdings, LLC, whose portfolio includes high street retail properties in Los Angeles. Completed in 2017, the property is 100% leased to a variety of tenants including the Los Angeles flagship gallery of Hong Kong-based Over the Influence, fashion boutique H. Lorenzo, high-end retailer Shinola, ice creamery Salt and Straw and restaurants Salt Bae and Inko Nito. Proceeds from the 10-year CMBS loan originated by Deutsche Bank, was used to take out the construction loan and return equity to the sponsor, according to Quantum Capital’s Jonathan Hakakha.

BUCHANAN STREET PARTNERS - Buchanan Street Partners has provided $4.1 mil in short-term, bridge loan financing for the acquisition and repositioning of Pacific Apartments, a 13-unit multifamily complex in the Mar Vista neighborhood of Los Angeles. The loan provided for 80% of the purchase price and renovation costs. Pacific Apartments is located in Mar Vista and is one block from Venice Blvd and Centinela Ave, an area in LA’s Westside known for trendy restaurants, coffee shops and specialty stores. Nearby Silicon Beach is home to over 500 technology companies including Google, Apple, Amazon, Yahoo!, YouTube, Facebook, and others. The property, which was vacant at the time of sale, will undergo a complete renovation, including the addition of two rental units. Extensive interior remodeling is planned, including all new kitchens, plank flooring, modern lighting and energy efficient air conditioning. Exterior upgrades will include new landscaping, painting and façade improvements. Buchanan’s Joseph Maehler oversaw the transaction.

NORTHMARQ CAPITAL -- David Blum with NorthMarq Capital arranged a $2.5 mil refi loan for Corona Lewis Business Center in Corona. The 39k sf industrial property is located at 1247, 1251 and 1269 Pomona Rd. The transaction was structured with a 10-year term with a mini-forward low 4% fixed-rate based on a 30-year amortization schedule. The loan was funded through a life company.





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