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9/14/16
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Dekel Capital has arranged a $13 mil, non-recourse bridge loan on a 14-level, Class-A parking structure in Downtown Los Angeles. The new loan, structured with a 24-month term, allows the borrower to pay off existing debt, provide time for stabilization and set the groundwork for a value-add project with potential for additional revenue streams at the property.
Parking tenants at the property include major medical groups, a pediatric and family center as well as major auto dealers. The property has the only operating commercial heliport in Downtown Los Angeles, as well as retail space and capabilities for commercial and film shoots.
The parking garage, located at 240 W. Venice Blvd. in Downtown Los Angeles’ South Park district near LA Live, the Los Angeles Convention Center and STAPLES Center, was built in 1991 by Maguire Investments and is controlled via a leasehold with the Los Angeles Unified School District (LAUSD). Since April 2015, the property has been operated under new management, which has continued to unlock its potential given the irreplaceable location of the asset.
The 14-level parking garage currently provides 2,500 parking spaces. The property’s prime location near office and administrative buildings in addition to apartments allows for significant, long-term increases in parking revenues from a wide variety of institutionalized tenants. The operational helipad on the structure’s rooftop level, which is contracted for use by corporate and private individuals; 3k sf of retail space on the ground floor; occasional use for TV commercials/film shoots; and opportunities for future signage, allow multiple avenues for enhancing the property’s commercial performance.
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