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Quantum Completes Refinance in 10 Days

LOS ANGELES—A multifamily mixed-use property on the verge of default secures a $33 million bridge loan in 10 days from application to close.

By Kelsi Maree Borland | Updated on May 11, 2015

LOS ANGELES—L.A.-based developers Illusion Holdings and Ocean Blue Investments have secured $33 million to refinance the Medallion, a mixed-use multifamily and retail complex in Downtown Los Angeles. The funds were secured by Quantum Capital, which was able to complete the transaction in 10 days—from application to funding—before the borrower’s existing debt reached maturity.

“Timing was our biggest challenge,” Jonathan Hakakha, a managing director at Quantum Capital Partners, tells GlobeSt.com. “Prior to identifying a lender, Quantum’s team along with the sponsors worked to put together a comprehensive debt book that summarized the financing opportunity.  We scoured the market to identify the appropriate lender.  Once a lender was identified and the loan was under application, we worked with the lender’s dedicated team to expedite the appraisal, environmental, estoppels, SNDAs, and other due diligence items.  It took the commitment and teamwork of everyone involved – from the sponsors, to Quantum, to the lender—to meet the tight timeline.” Hakakha secured the funds on behalf of the borrower along with Quantum Capital managing director Mike Yim.

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