February 16, 2017 Comments Off on $47M Refi Secured for Mixed Use Views: 576 California News, Los Angeles

$47M Refi Secured for Mixed Use

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Los Angeles-based developer and owner, Runyon Group, refinanced Platform, a 75,000-square-foot mixed-use project in Culver City, CA’s Hayden Tract district. The 10-year, $47-million non-recourse mortgage was arranged by Quantum Capital Partners’ Mike Yim and Jonathan Hakakha.

The transit-oriented project includes six buildings across two acres at 8850 Washington Blvd. The roughly 40,000 square feet of creative office and 35,000 square feet of retail and restaurant space is 98% leased to a mix of chefs, merchants and creative companies.

“Due to the unique quality of this asset and the successful track record of the sponsor, there was a tremendous amount of interest from lenders, which gave Runyon multiple financing solutions from which to choose,” Hakakha said.

Proceeds from the financing from Wells Fargo will retire construction debt and equity on the project. The development was completed in late 2016.

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