Richard F. Scandaliato, a senior vice president at NorthMarq Capital Inc. who arranged the loan, tells GlobeSt.com that Lehman Bros. provided the owner, a private investor, with 75% loan-to-value financing. The six-story, 65,468-sf building is 93% occupied and provides a 1.45 debt coverage ratio, Scandaliato says.
Scandaliato tells GlobeSt.com the main tenant of the building at 115 Pine Ave. is L'Opera, which occupies approximately 30% of the space and is one of the most successful restaurants in the region. The building also houses quite a few lawyers specializing in maritime law, he says, because of its proximity to the ports of Long Beach and Los Angeles.
The office tower, formerly a bank building, was renovated in 1989 and is designated a historical landmark.
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