BEVERLY HILLS, CA–Quantum Capital Partners, a leading mortgage banking firm, has secured a $22.3 million, 5-year fixed rate loan and a $6.3 million, 5 year fixed rate loan on behalf of a group of private investors seeking to refinance two properties in the downtown Los Angeles Fashion District.

According to Jonathan Hakakha, Managing Director at Quantum Capital, “The loans were arranged in spite of some underwriting challenges – the high rents per square foot, the high loan amount per square foot, and short term leases. Additionally, one of the properties only had 18 months of stabilized operating history. Despite attracting multiple CMBS lenders, the borrower elected to complete the transaction with a flexible community bank that did not require reserves or other restrictive conditions. Over the past 6 months we have closed three additional refinances for these clients in this same market and have several more currently under application”, he added.

The first property is located at 777 East 10th Street. The owner purchased and rehabbed the property in 2007 and successfully achieved full lease up at the height of the downturn. It is a four-story, 92,401-square-foot building located on a 26,290-square-foot lot in a high pedestrian area of the district's wholesale core. It offers ground floor showroom space with offices above.