August 12, 2020
A pair of SoCal office properties received $26.8 million in financing. The buildings are located at 11925 Wilshire in Los Angeles and 2200 Pacific Coast Highway in Hermosa Beach.
The refinancing was arranged by CBRE’s team of Bruce Francis, Doug Birrell, Shaun Moothart, Bob Ybarra, Dana Summers, and Jim Korinek, on behalf of the sponsor, Vectra Management Group.
Birrell says, “These two office properties continue to perform well amid the current environment, and the refinance enabled our client to take advantage of historically low interest rates while also accessing excess equity to pursue additional investment opportunities.”
The Wilshire Boulevard property loan totaled $15.9 million for a three-story, 33,048-square-foot creative office built in 1999 and renovated in 2017. The Pacific Coast Highway building loan totaled $10.9 million for a three-story, 37,692-square-foot office building originally constructed in 1982 and renovated in 2015.
For comments, questions or concerns, please contact Dennis Kaiser