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5/15/18
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A two-story, 7.2k sf trophy retail property in Beverly Hills traded hands. The property, located at 362 North Camden Drive in the city’s coveted Platinum Triangle area, is adjacent to many high-end restaurants, hotels, and luxury retailers including Prada, Gucci, Cartier, and Chanel.
The exact deal price was not disclosed, however, we do know that the purchase was financed with a $7.75 mil bridge loan provided by Meridian Capital Group. According to Meridian’s David Oheb, who arranged the transaction, the financing was priced at 85% loan-to-cost, which would put the transaction value somewhere around $9.12 mil and $1,267/sf.
The property is slated to temporarily house Madeo, a decades-old Los Angeles hotspot frequented by A-list celebrities, as the restaurant’s current home at 8899 Beverly Boulevard is being redeveloped by Townscape Partners and Angelo, Gordon & Co into a luxury condominium building. The buying entity in the transaction is 362 Camden Fee LLC.
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