Los Angeles, California – Our Commercial Loans news for the month of April starts out in The City of Angels, Los Angeles. Los Angeles is completely different than the Washington D.C. commercial real estate market thus the commercial loans are not as frequent. The Los Angeles commercial real estate market is still better than many other areas hit with this economic downturn.
Our research points out that Commercial Mortgage Lendershave financed a major Highrise in Los Angeles, California. Commercial Mortgage Lenders funded a commercial loan that is secured by 5900 Wilshire Boulevard. This Commercial Loan collateral, 5900 Wilshire Boulevard is an office tower which makes a great first impression. This Commercial Loan collateral has a variety of private offices with gorgeous views of the City. The Commercial Loan collateral is approximately 452,799-square-feet at 5900 Wilshire Blvd. and was Developed in 1971. This Commercial Property was the homes of the Mutual Benefit Life Company for nearly twenty years.
The 5900 Wilshire Boulevard NNN Commercial Real Estate development was refinanced with a $65 million commercial loan. The capital for this commercial loan came from a life insurance company. Commercial Mortgage Lenders are still getting capital from Life Insurance Companies to fund commercial loans on Office Building, and CTL financing for net lease properties. This commercial loan collateral is situated in the Miracle Mile district. The Commercial Loan was written for five years at an interest rate of 5.72% which is a fixed rate. This Commercial Loan collateral has an awesome location near South Fairfax Avenue and Hancock Park.
This commercial loan collateral is known as the tallest Office building in the Los Angeles Miracle Mile District. This commercial loan collateral, 5900 Wilshire Boulevard offers unobstructed 360 degree views and features lush landscaped public areas. The NNN Commercial Real Estate, 5900 Wilshire Boulevard was designed with beautiful pools and fountains. The signors of the commercial loan (Owners) are a joint venture with the Ratkovich Co. and Prudential Real Estate Investors.
The Commercial Loan collateral is still going through a major renovation that is costing upwards of $33 Million. The Commercial Loan collateral is nearby to fine Beverly Hills dining, premier retail shopping, luxurious hotels and entertainment. This Commercial loan collateral is positioned directly across from the Los Angeles County Museum of Art (LACMA).
The Commercial Loan collateral, 5900 Wilshire was designed by the American architect from Chicago, Illinois, William Pereira. This great architect designed this Commercial Loan collateral in the late 1960′. The Commercial Property has been called the Variety Building. This is the result of the Hollywood trade paper Variety moving its West Coast headquarters and operations to the Office Tower in 2008. This Commercial Property will also have other tenants paying down their commercial loan which includes Los Angeles Magazine, the New York Times’ Los Angeles bureau, 100.3 FM “The Sound” Radio station, Millennium Entertainment and some others.
The joint venture (JV) of the Ratkovich Co. and Prudential purchased 5900 Wilshire Boulevard for about $102.4 million and had a commercial loan coming due. This Commercial Property that is being refinanced was acquired in 2005. The Commercial Loan collateral has many features including 3 spaces per 1,000 rentable square feet.
This Commercial Loan collateral has amenities such as an on-site postal station, Federal Express and UPS, a public ATM, cozy cafe, car wash, and fitness facility. The Commercial Loan collateral is equipped with high-tech fiber optic telephone lines enabling full data – internet communication systems.
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
If you are seeking to buy investment property, especially in the areas listed below, then fill out our easy Commercial Loan Form
