Los Angeles – The financing was found and closed on within 45 days.
The mortgage loan for the downtown Los Angeles mixed-use building is secured by the first two floors and subterranean parking garage.Los Angeles – Quantum Capital Partners has arranged an $11 million mortgage loan to refinance a Walmart Neighborhood Market-anchored mixed-use building near downtown Los Angeles’ Chinatown. The loan is secured by the first two floors and subterranean parking garage of a six-story building located opposite the Ramon C. Cortines School of Visual and Performing Arts. The 33,000-square-foot Walmart, which opened August 2013, and three local restaurants occupy 100 percent of the building’s street level retail. The 30,000-square-foot office space on the second floor is 90 percent leased. A seniors housing facility, which occupies the top four floors, was not part of the collateral.
The five-year, variable-rate loan allows the borrower, local developer 602 N. Grand Avenue LP, to refinance at favorable terms and take cash out of the property it developed and has owned since 1991. Mike Yim, managing director of Quantum Capital Partners, secured the financing.
— Scott Reid