Lane Capital Buys $15M Note on 6300 Wilshire

LOS ANGELES-A joint venture led by Lane Capital Management, in its first foray into California, has acquired a $15 million performing B note backed by the 404,000-square-foot 6300 Wilshire Blvd. office tower. Alan Leavitt, founder of the New York City-based privately held real estate investment company, tells GlobeSt.com that Lane is looking for other debt deals in California as well as in other major markets throughout the US.

Lane was attracted to the deal by the underlying collateral, the 21-story 6300 Wilshire Blvd. building, Leavitt says. The building is also encumbered by $60 million of senior debt and $29.5 million of mezzanine debt, Lane’s description of the deal points out.

Leavitt says he is not sure how many prospective buyers bid on the 6300 Wilshire note, but he says there was competition for the note because the company did not win the deal with its first bid. The Lane Capital joint venture bought the note from Harvard Investment Management Co. (Himco), which had retained Eastdil Secured as an adviser on the sale. The transaction was complicated by the requirement that the purchaser be a Qualified Institutional Lender.