October 13, 2020
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.
For comments, questions or concerns, please contact Dennis Kaiser