HFF Capitalizes LA-Area Office Plaza
- Jul 09, 2018
Preylock Real Estate Holdings has secured both financing and joint venture equity for the capitalization of Gramercy Plaza, a Class A office property in Torrance, Calif. HFF worked on behalf of the borrower to arrange a three-year, floating-rate, interest-only loan with a specialty finance debt fund. Preylock purchased the asset last month for $26.2 million.
The loan is equal to 75 percent of the total project cost, which includes future funding to upgrade the building’s interior and exterior designs, as well as implement a leasing initiative. HFF also arranged Preylock’s joint venture equity with a national life insurance company.
Located at 2050 W. 190th St., the four-story asset was constructed in 1991 and comprises 157,641 square feet. Last owned by Sares-Regis Group, Gramercy Plaza offers a mix of retail and office spaces, currently leased to tenants including Yummie Tree Cafe, Pioneer DJ and United Staffing Solutions, according to Yardi Matrix. The property is within close proximity to interstates 405 and 110, the Ports of Long Beach and Los Angeles, and will benefit from the Metro Light Rail—South Bay expansion project that will link Torrance to LAX and the larger Los Angeles metro.
HFF’s Senior Directors Greg Brown and John Chun, as well as Associate AJ Manas, represented the borrower in the transaction. Last November, Brown was part of the HFF team that arranged a $39 million loan for Towne Centre, a 292,271-square-foot office campus in Foothill Ranch, Calif.
Image courtesy of HFF