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8/15/24
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A new construction, two-building creative office complex in Culver City has been refinanced with a $21.4 mil take-out loan. The 35k sf, Class A project, located at 3520-3524 and 3512-3516 Schaefer St, south of Washington Blvd and just off of National Blvd, was developed by a West L.A.-based investor/developer.
The buildings feature dramatic 18-foot ceilings, extensive glass, open floor plans with modern interiors and landscaped exteriors with gathering spaces. They are expected to appeal to creative and entertainment-driven clients that have been taking space in the immediate area.
Gantry’s Tony Kaufmann and Andrew Ferguson arranged the financing, which was funded through an insurance company lender. The loan features a highly attractive fixed rate with a three-year initial term and 30-year amortization.
According to Kaufmann, “Not all office space is struggling in the current market cycle, and a flight to quality has kept many newer properties on track… Entertainment, tech and creative are still highly collaborative industries and occupancy and tenant interest in core markets, such as West Los Angeles, remain strong. These two high design and highly modern properties, while not seasoned, met all the necessary underwriting criteria to retire existing debt with no cash-in requirement and a fixed rate.”
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