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8/08/12
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Lucent Capital has arranged a $10 mil senior bridge loan for the repositioning of a distressed office building in Beverly Hills. The five-story, 45k sf Class B property is located at 400 South Beverly Dr at Olympic Blvd. It was acquired by Beverly Hills Offices LLC from a special servicer in January 2012 at a price significantly below replacement cost.
The asset was approximately 34% occupied and provides an opportunity to increase cash flow by repositioning the asset by taking advantage of its superior location and strong tenant demand from numerous entertainment, medical and professional firms. The balance sheet portfolio loan provided 75% loan to cost leverage, a term of up to seven years with three years of interest-only debt service and was priced at an interest rate of Libor + 2.15% with no floor.
“We are seeing greater movement of distressed assets by the banks and special servicers, facilitated by the availability of financing at very competitive terms for value add assets, even those that are non-cash flowing,” says Lucent Managing Director Steven Yazdani. This is the second financing arranged by Lucent Capital for a Beverly Hills asset in the past six months. In January, Lucent secured a $10.6 mil senior bridge loan for the owners of a mixed-use property located in the Golden Triangle.
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