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March 22, 2018
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Lionstone Investments Refinances Four Santa Monica Assets with $57 Mil Loan


Lionstone Investments has refinanced two mixed-use properties and two creative office assets in Santa Monica with a new loan of $57.2 mil. The properties, totaling 126.6k sf of space, are located at 401 Santa Monica Blvd, 1347 4th St, 625 Arizona Ave and 2415 Michigan Ave.

The 95%-leased portfolio is situated in the heart of Santa Monica and all of the properties are within walking distance of the 26th/Bergamot Expo Line station. They are also close to I-10 and less than a five-minute drive from Santa Monica Airport.

Additionally, all fo the properties are located a few blocks from Third Street Promenade, a highly trafficked pedestrian street mall between Broadway and Wilshire. 401 Santa Monica and 1347 4th Street comprise 50k sf of creative office space above 20k sf of ground floor retail. Major tenants include Air Map Inc, the Bedford Falls Company, Sweetgreen and Bolthouse Farms.

625 Arizona is a 17.6k sf, single-tenant creative office space leased to Picture Head. 2415 Michigan comprises 40k sf of creative office space and is fully leased to Headspace, Shade VFX and Mistress Creative.

Hff’s Mark Wintner arranged the 15-year, 3.74%, fixed-rate refinancing for 625 Arizona, 401 Santa Monica Boulevard and 1347 4th Street through Principal Real Estate Investors. Principal provided a 15-year, floating-rate loan for 2415 Michigan Avenue.

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