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84% LTV Financing for Distressed Retail?

LOS ANGELES-In spite of negative attributes, in this EXCLUSIVE look behind the deal, a downtown L.A. retail property that was 45% occupied convinced a lender to take it on.

By Natalie Dolce | Updated on September 05, 2013

LOS ANGELES-In this exclusive look behind a deal, GlobeSt.com learned that a $5.6-million bridge loan for a distressed 45% occupied retail property was successfully secured by George Smith Partners‘ vice president, Gilda Rivera. The loan for the two-story building in downtown L.A.’s Koreatown closed with a three-year term and a 4.5% interest rate.

The financing will provide capital for the renovation of a ground floor restaurant, as well as refurbishment of the outdated second floor food court, which is currently vacant. The interest-only bridge loan represented 84% of the “as is” value of the property. 

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