Salt Lake City – August 11, 2020 – CBRE Capital Markets’ Debt & Structured Finance team has secured $26.8 million in financing for two office properties in Los Angeles County, totaling 70,740 square feet: 11925 Wilshire in Los Angeles and 2200 PCH in Hermosa Beach. The refinancing of the properties was arranged by the team of Bruce Francis, Doug Birrell, Shaun Moothart, Bob Ybarra, Dana Summers, and Jim Korinek, on behalf of the sponsor, Vectra Management Group.
“These two office properties continue to perform well amid the current environment and the refinance enabled our client to take advantage of historically low interest rates, while also accessing excess equity to pursue additional investment opportunities,” noted Birrell, senior vice president.
The first loan totals $15,943,500 and was arranged for 11925 Wilshire Boulevard in Los Angeles. The property is a three-story, 33,048-square-foot creative office building, with ground-level retail and ample parking. Built in 1999 and renovated in 2017, the building is proximate to complimentary retail and office properties on Santa Monica Boulevard and throughout the Brentwood area.
The second loan was for 2200 Pacific Coast Highway in Hermosa Beach for $10,945,000. The property is a three-story office building totaling 37,692 square feet that was originally constructed in 1982 and renovated in 2015. The property serves the affluent South Bay beach community and is well-leased to a diverse mix of quality tenants. The surrounding area is fully developed with a mixture of commercial and residential uses.
Founded in 1993, Vectra Management Group (VMG) is a boutique real estate investment, development and management company with offices in New York, Los Angeles and Salt Lake City. The company specializes in complex, value-added commercial real estate investments both for its own account and as an asset and property manager for others.
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CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.