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April 19, 2014
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The Foto Finisher






LOS ANGELES COUNTY NEWS
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Quantum Capital Partners Arranges $11 Mil for Conversion Property in Downtown LA

1/16/14

Quantum Capital Partners has secured an $11.25 mil bridge, rehab loan for Duns Capital LLC, an affiliate of South Park Group. The money will be used to begin repositioning a vacant office building into a residential mixed-use project in the Historic Core neighborhood of Downtown Los Angeles.

The property abuts the Santee Court and Santee Village adaptive reuse projects and shares a private landscaped alley with these developments. This historic, 68.1k sf office building, which was originally built in 1924, is the only property left in this community that has not undergone the conversion to residential use.

The construction loan will be used to convert the building’s basement to parking and renovate 12k sf on the ground level for retail use. The additional stories will be converted to multifamily units under the City’s Adaptive Reuse Ordinance.

“This loan is unusual because the buyer did not have their final plans in place at the time of close. Traditionally, you will see a buyer obtain a bridge loan first and then a construction loan afterwards when the plans are finalized. We were able to identify a lender who understands the demand in this market and was confident with the buyer’s ability to move forward with the development in a healthy time frame,” said Quantum Capital Managing Director Jonathan Hakakha, noting that the lender is a foreign agency bank.

This three-year construction loan provides the option for two, one-year extensions, and financing is at 70% of the total project cost with a LIBOR based interest rate.




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