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10/27/14
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The Bascom Group LLC has acquired San Pedro Bank Lofts, a luxurious 89-unit condominium-mapped, loft-style apartment community in San Pedro. The property, located at 407-409 West 7th St, just three blocks from the waterfront in the heart of the San Pedro Arts District, sold for $23.8 mil, or $267.4k/unit.
Constructed in 2008 as a condominium project, the property contains four floors of space over one level of subterranean parking in two buildings. The main building incorporates the original terra cotta façade of the 1920s vintage San Pedro Bank. Units average 1.4k sf in size, with fifty percent of the units being true loft-style units with 20’ ceilings, while the balance are flats with 10’ foot ceilings.
All units have large open floor plans with high end kitchen finishes, stainless steel appliances, wood plank flooring, large roman tubs, and dual vanities. Public amenities include a fitness center and four public courtyards. The company plans to make upgrades to the units to include a technology package to ensure state of the art interior amenities.
Brian Eisendrath and Brandon Smith of CBRE Capital Markets arranged the debt financing, with GE Capital providing the new loan. Brian Russell with Eastdil Secured was the broker for the sale.
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