CBRE Arranges $27M Refi for Los Angeles Assets
- Aug 14, 2020
CBRE Capital Markets has arranged a $26.8 million refinancing package for two office buildings encompassing 70,740 square feet in Los Angeles. Vice Chairman Bruce Francis, Executive Vice President Jim Korinek and Senior Vice Presidents Doug Birrell, Dana Summers, Shaun Moothart and Bob Ybarra facilitated the loan for the borrower, Vectra Management Group.
The first property, a three-story, 33,048-square-foot creative office building completed in 1999 and renovated in 2017, is located at 11925 Wilshire Blvd. The asset received a $15.9 million note, which retires an existing $12.6 million mortgage that Rabobank originated in 2017, according to Yardi Matrix. Situated close to Interstate 405, the site is 16 miles west of downtown Los Angeles.
Built in 1982 and renovated in 2015, the second building is located at 2200 Pacific Coast Highway in Hermosa Beach. The three-story asset landed a $10.9 million loan, which replaces a $9.4 million loan provided by Rabobank in 2017, Yardi Matrix shows. The property is 5 miles south of Los Angeles International Airport and 22 miles from the city center.
In July, the same CBRE brokerage team arranged an $8.6 million acquisition loan for a two-property, cold storage portfolio totaling 98,949 square feet in Corona, Calif. Latitude 36 Foods sold the assets in a sale-leaseback transaction to a partnership between Condor Self Storage and AEW Capital Management.