Bridge loan term will allow property to complete lease-up
LOS ANGELES – Sept. 9, 2016 – (RealEstateRama) — Dekel Capital, a Los Angeles-based real estate merchant bank that specializes in sourcing and placing equity and debt for active middle market and large-scale commercial real estate developers and investors, has arranged a $13 million non-recourse bridge loan on a 14-level, Class-A parking structure in Downtown Los Angeles.
The new loan, structured with a 24-month term, allows the borrower to pay off existing debt, provide time for stabilization and set the groundwork for a value-add project with potential for additional revenue streams at the property. Parking tenants at the property include major medical groups, a pediatric and family center as well as major auto dealers. The property has the only operating commercial heliport in Downtown Los Angeles, as well as retail space and capabilities for commercial and film shoots.
About Dekel Capital:
Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges.
About Maguire Investments:
Maguire Investments is a Santa Monica, CA-based commercial real estate investment and management firm, currently owning over 360,000 SF of office space, a 14-storeyed car park, and having entitlements to build an additional 850,000 SF of office, apartments and airplane hangar space. The firm has completed the development of more than 25 million square feet of institutional-quality projects nationwide, with major tenants including Sempra Energy, Wells Fargo Bank, Bank of America, the Walt Disney Company, MGM and Time Warner. Notable projects developed under Rob Maguire’s direction include US Bank Tower, Gas Company Tower, Wells Fargo Tower and KPMG Tower in Los Angeles, CA, Commerce Square in Philadelphia, PA, and Solana in the Dallas-Ft.Worth, TX metro area.