1710 N Vermont Ave

Transaction description

Michael Tanner and Jonny Soleimani of PSRS arranged the $4.1MM refinance of a two-story retail/office building in Los Angeles, California. The subject property is a two-story building measuring approximately 13,300 square feet, including the basement which has a line kitchen that measures approximately 1,000 square feet. Built in 1922, the two-story patio restaurant was extensively renovated in 2009. The first floor is occupied by Rockwell, a restaurant, bar, and cabaret venue. The second floor includes eight offices of which all are on month-to-month leases. The building is situated on a parcel of land measuring approximately 0.34 acres, not including the parking lot, which measures 7,463 square feet and contains a total of 29 parking spaces. Funded with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a non-recourse loan with a 10-year term and 30-year amortization.