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10/04/12
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Capital Foresight has obtained $23.8 mil in financing for the acquisition of Santa Fe Lofts, a 132-unit live/work building in Downtown LA. Capital Foresight, a privately held real estate company, purchased the asset from a partnership that included The Kor Group for $35 mil, or $265k/unit.
Located in the heart of Downtown LA’s Gallery Row District, Santa Fe Lofts is one of the premier live/work loft buildings in the city. Along with the apartment units, the property includes underground parking and 14k sf of retail, with the ability to add a large format restaurant tenant.
In addition to its prime location, Santa Fe Lofts features a large rooftop deck, spacious units, and downtown views from oversized windows. Other features include original hexagonal plaster columns, skylights and light wells, mosaic tile, sealed or polished distressed concrete floors and modern kitchens.
Brian Eisendrath with CBRE’s Debt and Equity Finance group arranged the floating rate loan, which was priced at an interest rate of 2.50% with two years interest only, through Fannie Mae. According to Eisendrath, Capital Foresight won the deal based on their ability to go non-refundable and close quickly.
The Fannie Mae transaction was approved and closed in under 30 days. “With the low cost of capital and the flexibility of a floating rate loan, this execution will allow Capital Foresight to execute its business plan,” Eisendrath said.
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