New York-based The Moinian Group closed a $119.75-million loan to refinance 550 S. Hill St. in DTLA. The 369,976-square-foot asset, known as the International Jewelry Center, includes more than 400 tenants.
Bank of China provided the five-year, interest only loan. The new loan, closed at roughly 60% loan-to-value, refinanced an existing $116.8-million CMBS loan.
Leases at the 1981-era property are held by 405 tenants, primarily jewelry manufacturers, wholesalers, retailers and couriers. The property offers a mix of amenities, and unrivaled state-of-the-art security.
The Moinian Group acquired the 16-story asset in 2007 for $144 million from Hertz Investment Group.
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