July 24, 2017
Quantum Capital Partners arranged $31.75 million in CMBS debt to refinance a 10-story, 137,254-square-foot mixed-use building in DTLA. The 10-year interest only, non-recourse loan was secured by The Metropolitan, a historic building constructed in 1913 at 499 S. Broadway.
The building was acquired in 1996 by a local investor operating as 499 S. Broadway LLC. The top eight floors were converted for residential use in 2011 under the City of Los Angeles’ Adaptive Reuse Ordinance.
That included the creation of 88 high-end loft units with 12-foot ceilings, a rooftop pool and spa, penthouse event space, fitness center and resident lounge. The 97%-leased property is considered one of the finest examples of Beaux Arts Style architecture in SoCal.
Quantum Capital’s Jonathan Hakakha and Mike Yim arranged the financing. Loan proceeds were used to pay off maturing loans, and return equity to the sponsor.
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