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Jewelry District Office Building Secures $23M

LOS ANGELES—Although the area's characteristic short-term leases make landing a lender difficult, a 153,000-square-foot office building secures a non-recourse CMBS loan with a 58% LTV.

By Kelsi Maree Borland | Updated on February 25, 2015

LOS ANGELES—The owner of a 153,000-square-foot office building in the jewelry district in Downtown Los Angeles has secured $23 million in first mortgage debt to refinance the property. The proceeds from the loan will be used to pay off a maturing loan.  

The non-recourse CMBS loan has a 58% LTV and a fixed-rate term of 10 years. “This asset is a long-term hold for the investors and the main objective was to identify a lender that would offer the lowest rate for the longest term,” Mike Yim, managing director at Quantum Capital Partners, tells GlobeSt.com. “Given the low leverage and high debt yield, we advised the client to proceed with a CMBS loan because it offered extremely competitive pricing and gave us the ability to rate lock four months prior to closing.” Yim secured the funds on behalf of the borrower along with his Quantum Capital Partners’ colleague, managing director Jonathan Hakakha. 

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