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Columbia Pacific Advisors Provides $17.6 Mil for Building Purchase and Two Other Property Repositioning Projects in the L.A. Area

5/22/19

Columbia Pacific Advisors through its real estate lending platform has provided a Southern California-based retail investor with a $17.6 mil bridge loan to finance the acquisition of a two-story, 43k sf, mixed-use creative office building and the repositioning of two retail buildings, all located in the greater Los Angeles area.

3610 S. San Pedro, Los Angeles
3610 S. San Pedro, Los Angeles
The office building is located at 3610 S. San Pedro Street near downtown Los Angeles. A portion of the loan proceeds will be used to fund tenant improvements and HVAC upgrades to this 1940ís vintage building.

The 12-month, interest-only loan also will support the conversion of two recently acquired retail buildings in the San Fernando Valley and downtown Los Angeles into fully operational coin-operated laundromats. The sponsor has a decade-long track record of successfully executing their business plan, converting value-add retail facilities into coin operated laundromats throughout Los Angeles.

The loan, which was complicated by some unresolved past title issues, was originated by Antonio Hachem from George Smith Partners. Will Nelson oversaw the transaction at Columbia Pacific Advisors. According to Nelson, all three transactions closed within 10 days of resolving existing problems with the previous lender.





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