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October 13, 2020 Comments Off on CBRE Delivers $70M Refi for Watt West Los Angeles Portfolio Views: 858 California News, Los Angeles

CBRE Delivers $70M Refi for Watt West Los Angeles Portfolio

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CBRE arranged $70 million in total loan proceeds for the refinancing of two recently renovated office properties in Culver City. The buildings are owned by Los Angeles-based real estate investment firm Watt Investment Partners in a joint venture with an unidentified institutional investor.

The larger of the two buildings, 6101 W. Centinela Ave., was completely renovated this year. The three-story, 111,473-square-foot property was 60% leased to a diverse mix of tenants. The non-recourse loan was placed with a life insurance company.

The second building is located at 3000 S. Robertson Blvd. and sits adjacent the 10 freeway. The four-story, 111,395-square-foot property was 92% leased and anchored by a large co-working company. The loan was placed with a regional bank at a fixed interest rate, on a non-recourse basis.

CBRE’s Greg Grant arranged the financing on behalf of the borrower, with support from CBRE’s Todd Tydlaska, Sean Sullivan and Mike Longo.

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