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Follow on Google News | Quantum Capital Arranges $15.5 Million Loan to Renovate Historic Variety Arts CenterBy: Quantum Capital Partnerss Working on behalf of The Robhana Group, Quantum arranged a new loan that was used to refinance the existing debt and provide capital for a comprehensive interior and exterior renovation plan. Hillsong Church, a Sydney, Australia-based church with locations in 12 countries, will relocate to The Variety Arts Center when renovations are completed. Known around the world for its award-winning music, Hillsong worship songs are sung by an estimated 50 million people in 60 languages each week. Hillsong Church started holding regular services in Los Angeles in 2014 at The Belasco Theater and has grown to approximately 3,500 people in attendance each Sunday. “It’s never easy to secure financing for a special use building,” said Jonathan Hakakha who along with Mike Yim arranged the financing. “Combined with a non-profit religious tenant with limited history in the United States made this request challenging for many lenders. We were able to demonstrate the successful track record of our sponsors along with Hillsong’s global reach and financial strength to obtain a unique financing structure that allowed our clients to execute their business plan.” The Prime-based floating rate loan was provided by a local commercial bank and features an initial term of two years with extension options. Located at 940 Figueroa Street, the five-story, 50,598-square- About Quantum Capital Partners Quantum Capital Partners (www.quantumcp.com) End
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