Dekel Capital Arranges Bridge Financing for Silicon Beach Creative Office Campus

Borrower plans to convert post-World War II Quonset huts into creative office space
By: Dekel Capital
 
LOS ANGELES - Oct. 9, 2015 - PRLog -- Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market commercial real estate developers and investors, has arranged a $9.1 million bridge loan on behalf of Brentwood Capital Partners for the development of a 22,400-square-foot creative office campus. The property, The Hangars at Playa Vista, is located in the heart of the burgeoning tech sector of Playa Vista, California known as Silicon Beach.

“With mainstays such as Hulu and Snapchat in the area, demand for office space in Playa Vista is at an all-time high. To capture space, companies are now opting to purchase various types of property to then convert into creative office spaces,” said Shlomi Ronen, managing principal and founder of Dekel Capital. “This bridge financing provides the capital for Brentwood Capital Partners to transform The Hangars at Playa Vista into a move-in ready, creative office campus that will fit the unique work style of incoming tech tenants.”

The Hangars at Playa Vista was built between 1947 and 1951 and originally functioned as manufacturing support facilities for the nearby Howard Hughes Aerospace facility. Brentwood Capital Partners, a real estate investment, development and management company based in Santa Monica, California, plans to use the bridge loan to convert The Hangars’ classic post‐World War II metal, semi‐circular Quonset huts into a full creative office campus.

The debt replaced the financing Dekel Capital arranged in short order 12 months ago, when the sponsor had the opportunity to acquire the property. The new, non-recourse debt facility, funded by an institutional New York-based debt fund, has a 24-month term, flexible funding schedule and is at 72 percent loan-to-cost ratio.

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About Dekel Capital:

Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges. Over the past 15 years, the team at Dekel Capital has financed a combined $2 billion of structured transactions. For more information, please visit www.dekelcapital.com.

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Source:Dekel Capital
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Tags:Bridge Financing, Silicon Beach, Office
Industry:Financial
Location:Los Angeles - California - United States
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Page Updated Last on: Oct 09, 2015
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