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2/05/16
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David B. Norton Inc recently arranged senior financing of $9.4 mil on a 45k sf office building in Playa Del Rey. The loan was provided by a regional bank and replaced two existing debt structures encumbering the property.
Although the refinance included significant pre-payment fees, the interest rate improvement and loan term provided substantial incentive to the owners to pursue the new loan. The new loan locks in an extremely favorable interest rate for the life of the 10-year term and provided cash out to the ownership group.
The property is 100% leased and is primarily an owner-occupied property, with 30% of the property leased as creative office space to outside entities. The owner of the property constructed the property in 1997 and intends to continue its long-term ownership. The property benefits from its exceptional location within the heart of Silicon Beach, an area that is experiencing exceptional growth in rental rates, occupancy, and new developments.
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