Los Angeles, California – Our Commercial Loans news today comes from the West Coast (Los Angeles) and the East Coast (New York). Commercial Mortgage Lenders have arranged capital to fund a $70 Million Commercial Loan. The Commercial Loan collateral is the TenTen Wilshire project.
TenTen Wilshire has very sophisticated architecture and elegant interior designs to make for comforts like fine linens, stainless steel appliances, and beautiful panoramic views in each of the meticulously planned, fully furnished suites. TenTen Wilshire is a 227-unit live-work-play mixed-use complex, located in popular Downtown Los Angeles. The Commercial Loan collateral enhances the Tenants lives at TENTEN by providing the latest in technology and complementing it perfectly with full service amenities. These amenities at the commercial loan collateral include luxuriously furnished conference rooms and business centers. This commercial property, TenTen Wilshire is ideal for meeting people and networking with clients. The Commercial Loan collateral. TENTEN Wilshire provides net lease tenants with a professional environment, typically found only in today’s most successful corporations.
The commercial loan borrower, the Amidi Group, is the developer of the TenTen Wilshire project. They commercial loan borrower plans to develop a new 376-unit apartment complex across the street from TenTen Wilshire. Rahim Amidi is the founder of the Amidi Group, and he plans to develop the new live-work-play project at the former Woodbury College Campus.
The Commercial Loan news from the Big Apple, New York City is on an Apartment Building. This Apartment Building purchase was made possible due to a fantastic assumable commercial loan. An Investment Group, UDR Inc. is diving into the New York City commercial real estate market. UDR, Inc. (NYSE: UDR), is an upstanding S&P 400 company. UDR, Inc. is a leading multifamily, commercial real estate investment trust (REIT) and they have a demonstrated performance history. UDR has the track record of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive commercial real estate properties in select U.S. commercial real estate markets.
UDR Inc. had a $260.8 million purchase price for the 23-story converted property in the Financial District. UDR came up with a cash portion for the down payment, for 10 Hanover Square of just $4.5 million. The commercial real estate investment group will take care of the remaining portion for the purchase price through the assumption of a $192 million Commercial Loan. That assumable commercial loan has an attractive fixed rate of 5.93% and does not come due until 2015. The remaining portion of the commercial property purchase price was the issuance of approximately $64.3 million of equity with operating partnership by UDR Inc. to the seller, Witkoff Group. The commercial property sale price is approximately $484,111 per door.
The commercial real estate investment group, UDR has been seeking to jump into the New York City commercial real estate market for two years. So the commercial real estate development that caught their eye was 10 Hanover Square. The commercial real estate development 10 Hanover Square, is in New York, and located between Stone Street and Pearl Street. UDR Inc. has reported that the monthly revenue from the 493 units at 10 Hanover Square average approximately $3,000 each. The commercial real estate development was also known as 110 Pearl Street and 76 Water Street.
The New York City commercial real estate development also has approximately 41,599 square feet of retail net lease property space. This net lease retail space has net lease tenants that include Apple Bank and Starbucks for Coffee purposes. The net lease Tenant, Apple Bank is currently comprised of various financial institutions that merged over a long period of time. The founding bank was the Harlem Savings Bank which had been originally chartered back in 1863.
Emery Roth & Sons designed this commercial real estate development in 1969. The commercial real estate development was first an Office Building, 22-story structure in the Financial District. The commercial real estate development was used as offices by Goldman Sachs. In 2005, the Witkoff Group purchased this commercial property and converted to 493 apartment rental units.
We specialize in:
- Commercial Loans for Multifamily Apartment Buildings
- Commercial Loans for Triple Net Lease Properties (CTL Financing)
- Commercial Loans for Office Buildings, Office Parks
- Commercial Loans for 1031 Exchange financing
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