The refinancing retired both a first and a second trust deed on the property, Richard Scandaliato of NorthMarq Capital tells GlobeSt.com.
Scandialiato, who arranged the loan, says the loan-to-value ratio was 75%, with the property generating a 1.35 debt coverage ratio.
The six-story City Centre building was constructed in the 1930s and was renovated in both 1963 and 1994. Scandaliato says the property is currently 91% occupied, is on a half-acre site and includes a five-level parking structure including 123 spaces.
Among the tenants are the city of Long Beach redevelopment agency and Wasabi, a Japanese restaurant.
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