Quantum Capital Partners Secures $11 Million Loan to Refinance Walmart Anchored Building in LA

By: Quantum Capital Partners
 
LOS ANGELES - July 10, 2014 - PRLog -- Quantum Capital Partners has arranged an $11 million first mortgage loan to refinance a Walmart Neighborhood Grocery-anchored mixed use building near Downtown Los Angeles’ Chinatown.

The loan is secured by the first two floors and subterranean parking garage of a six-story building located at the Northeast corner of N. Grand Avenue and Cesar Chavez Avenue, opposite the Ramon C. Cortines School of Visual & Arts.   The 33,000-square-foot Walmart, which opened in August 2013, and three local restaurants occupy 100 percent of the building’s street level retail.  The 30,000 square-foot office space on the second floor is 90 percent leased.  A senior housing facility, which occupies the top four floors, were not part of the collateral.

The five-year, variable rate loan allowed the borrower, a local developer operating as 602 N. Grand Avenue, LP, to refinance at much more favorable terms and take cash out of the property it developed and has owned since 1991, according to Mike Yim, Managing Director of Quantum Capital Partners who secured the financing.

“In addition to finding and closing on the cash-out financing within 45 days, we successfully negotiated a significant reduction in the existing pre-pay penalty with the borrower’s previous lender,” said Yim.

The financing was provided by a wholly owned subsidiary of one of the largest banks in Asia.

About Quantum Capital Partners

Quantum Capital Partners (www.quantumcp.com) is a leading mortgage banking firm that provides comprehensive real estate finance and advisory services across all major asset classes. With more than $3 billion of debt and equity financing experience nationwide, Quantum’s principals have developed a diverse network of capital providers that allows their clients to benefit from customized financing structures that encompass the entire capital stack. Quantum's comprehensive knowledge of the capital markets enables them to deliver expert advice for complex real estate transactions.

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Bruce Beck
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Source:Quantum Capital Partners
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Tags:Walmart, Loan, Debt, Refinance, Cre
Industry:Financial, Real Estate
Location:Los Angeles - California - United States
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