Bellwether Arranges $23M Refi for LA Creative Office
- Mar 22, 2018
A subsidiary of Enterprise Community Investment, Bellwether Enterprise Real Estate Capital has secured a $22.5 million refinancing loan for MDR Truss Campus in Los Angeles’ Marina Del Rey neighborhood. After renovations, the industrial buildings were converted into a collection of creative office spaces.
The 15-year fully amortizing fixed-rate, permanent mortgage featured an interest rate of 3.6 percent and was used to pay off the construction loan and cover closing costs. Executive Vice President Shelley Magoffin and Vice President Max Sauerman arranged the financing with one of Bellwether Enterprise’s correspondent life insurance companies.
“We worked hard to arrange long-term fixed-rate financing that was tailored toward our client’s specific needs, and at the same time, the lender provided flexibility to accommodate the complex lease provisions,” Magoffin told Commercial Property Executive. “MDR Truss Campus is now a unique office development that offers businesses of all types an environment that fosters creative thinking and collaboration.”
MDR Truss Campus
The MDR Truss Campus comprises six buildings situated on 2.8 acres. Totaling 68,693 square feet of creative office space, the campus features open floor plans with extensive glass, operable windows; large, glass roll-up doors; exposed bow-truss ceilings and polished concrete floors. Two of the buildings also include rooftop decks and the entire campus includes 179 parking spaces.
The property was 100 percent preleased to its current three tenants during construction. The campus is within close proximity to Silicon Beach, housing, entertainment, dining and shopping options, including Villa Marina Shopping Center.
“The Bellwether Enterprise team is well-versed in effectively working with diverse property types—including those that are part of new trends, such as innovative office spaces,” said Ned Huffman, president of Bellwether Enterprise, in prepared remarks. “People across the country are demanding more from their office spaces, and thanks to the work of our team in the Los Angeles office, the MDR Truss Campus is now a prime example of those demands being met.”
Images courtesy of Bellwether Enterprise