|
|
7/21/16
|
Pacific Southwest Realty Services (PSRS) recently closed a $64.5 mil dollar nonrecourse bridge loan for the Hooman Automotive Group. The financing transaction was for the repositioning of an old Albertsons into a five-car dealership auto-mall on 8.75 acres in Playa Vista.
The planned, two-phase development is on Mesmer Ave between South Centinela and Jefferson Boulevards, near Google, Facebook, & the Howard Hughes hangar. The funds are intended for acquisition financing and substantial Improvements. PSRS’ Antonio Hachem arranged the loan, which has a five-year term.
“The loan was structured at a high loan-to-cost deal based on land value with no cash flow stream, which was viewed as a challenge because it’s an owner-user loan and life companies typically provide low leverage financing on stabilized assets,” noted Hachem.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
