931 Pico

Transaction description

Jonny Soleimani of PSRS arranged a $12,625,000 bridge loan for a mixed-use property in Los Angeles, California. The subject property is a four-story mixed-use building adjacent to L.A. Live & Staples Center in downtown Los Angeles. The property consists of mainly office and industrial with an adjacent parking lot. Built in 1929 with steel construction and renovated in 2009, the 153,000 SF property is 25% occupied but the borrower plans to do extensive TI work to make this a creative office campus. Financed with one of our correspondent life insurance companies, PSRS was able to secure for its borrower a three-year term with two years of interest only with extension options. The bridge loan provided was high-leverage with over $2M in discretionary cash-out.