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July 17, 2018
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Olive Hill Group Lands $41 Mil Refi on Culver City Creative Office Campus


Olive Hill Group has obtained a $41 mil, fixed-rate refi loan on Courtyard at Culver Pointe, a two-building, 205.1k sf Class A creative office campus in Culver City. The property is located at 200-300 Corporate Pointe, off Slauson Ave between Sepulveda and La Cienega Blvds.

Headed by real estate lawyers Michael Cho and Tim Lee, Olive Hill Group acquired the office buildings for $65.6 mil in May 2016 and recently launched a major redevelopment and rebranding of the property to The Courtyard at Culver Pointe. The redevelopment will include upgraded seating areas throughout the courtyard, food truck loading zones, a bocce ball court, and a new on-site gym facility, among others.

Since acquisition, Olive Hill Group has added Ipsos Insight, a global market research and consulting firm, and Omnia Media, a subsidiary of the Canadian company Blue Ant Media. Existing tenants include DataScience Inc, Paychex and Shiseido Cosmetics, among others.

The new 10-year loan was arranged by Andy Bratt and Amit Tyagi of Newmark Realty Capital and funded through a life insurance company. The loan was structured with a seven-year, interest-only period, followed by an amortization of 30 years. Olive Hill Group was also able to structure an earn-out, allowing up to $10 mil in additional funding as certain net operating income thresholds are met.

Lee notes, “By repositioning this property into a creative office campus with on-site amenities that foster creativity and collaboration, we plan to attract additional creative tenants, increase cash flow and net operating income, and ultimately drive long-term value for this asset. This financing will position us to be long-term holders of this property, and reflects our ongoing commitment to the Courtyard at Culver Pointe.”

David Larsen and Beth Understahl of Perkins Coie LLP acted as counsel for the borrower.

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