SoCal Financing Picking Up
Quantum Capital Partners has arranged $74.3M in long-term financings in SoCal, as the rates remain favorable and the market regains health. Quantum managing director Jonathan Hakakha (snapped in Paris after proposing to fiancee Celine) says CMBS lenders are becoming more aggressive, thanks to the market’s $94.1B of issuance in 2014--the most since 2007. The largest of the five financings is a $32M loan for an 89k SF wholesale/retail showroom and parking garage in DTLA's Fashion District. The four-story property is valued at $48M and the 10-year non-recourse loan carries an LTV of 67%. The financing was used to pay off a loan arranged by Quantum in 2012 and enables an additional $10M cash-out at closing.
Quantum managing director Mike Yim (snapped with wife Karen at Victoria Falls in Zambia over the Christmas holidays) says it's an opportune time for long-term financing, with attractive rates that will provide improved cash flow. Other deals in the run consisted of a $16M loan for the Plaza Mayor Shopping Center in Torrance, CA; a $15.5M loan to refinance a 162-unit apartment building in LA; and two loans totaling $10.8M for LA-based South Park Group on two West Hollywood-area properties.
