Columbia Pacific Advisors Funds $17.6 MM Loan on Office and Retail Buildings in Los Angeles
The office building is located at 3610 S. San Pedro Street in downtown Los Angeles. A portion of the loan proceeds will be used to fund tenant improvements and HVAC upgrades to this 1940's vintage building.
The 12-month, interest-only loan also will support the conversion of two recently acquired retail buildings in the San Fernando Valley and downtown Los Angeles into fully operational coin-operated laundromats. The sponsor has a decade-long track record of successfully executing their business plan, converting value-add retail facilities into coin operated laundromats throughout Los Angeles.
"Despite the strength and experience of the sponsor, the financing was complicated by some unresolved past title issues," said Columbia Pacific Advisors Senior Vice President of Originations, Will Nelson. "The financing opportunity was brought to us by a broker, Antonio Hachem from George Smith Partners, who from past experience, was confident in our ability to navigate a complicated structure. We were able to close on all three transactions individually within 10 days of working out existing problems with the previous lender."
About Columbia Pacific Advisors
Columbia Pacific Advisors (http://www.columbiapacific.com) is a Seattle, WA-based private balance sheet lender that provides short- to intermediate-
About George Smith Partners
Founded in Los Angeles, in 1992, George Smith Partners, Inc. ("GSP") is a leading, national provider of capital market services to the commercial real estate industry. Our innovative structuring expertise, vast lender knowledge and relationships, enable us to customize financing for properties ranging from $3 Million to $350 Million, including debt, equity and mezzanine financing. Year-end 2018, George Smith Partners, Inc. placed over $3 billion of debt, preferred equity/mezzanine sub-debt through 194 transactions.
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