The sponsor, a Beverly Hills-based real estate investment firm acquired the leasehold interest in the 68,423-square-
“The sponsor was able to leverage its operating and turnaround expertise, with the building’s superior location and strong tenant demand from professional, entertainment and other high-end tenants, to increase and maintain overall occupancy at more than 95 percent,” said Lucent Capital Managing Director Steven Yazdani.
The structured financing package comprises a $21 million first mortgage and a $4 million mezzanine loan totaling 85% LTV. The non-recourse financing provided an attractive 10-year fixed rate with 5 years of interest only. Both financing tranches were funded by a real estate finance company that is backed by one of the largest sovereign wealth funds.
Financing proceeds are being used to pay off the existing debt on the asset and recapture sponsor equity.
About Lucent Capital
Lucent Capital (http://www.lucentcapital.com) is a leading boutique real estate finance and investment advisory firm serving real estate owners, investors, developers and financial institutions nationwide. With more than $6 Billion of collective experience through cyclical real estate environments, Lucent Capital’s team of professionals has a proven track record of delivering sophisticated and creative capital solutions for a wide variety of complex real estate transactions on all major product types. Through tailor-made solutions, executable advice, and reliable financial counsel, Lucent Capital provides its clients with highly specialized advisory services spanning the entire capital markets spectrum.