Two industrial buildings totaling ~37,000 sf on 73,000 sf of land
2145-61 Sacramento & 2159 Bay Street, Arts District, DTLA-Los Angeles, CA
HRC secured a $10.35mm bridge loan for the repositioning and renovation of two industrial buildings totaling 37,000 sf in the Arts District in DTLA. Ownership had secured a lease with Hyperloop to occupy a 23,000 sf building that they currently owned and an adjacent 14,000 sf building they were under contract to acquire.
The assignment was to secure a high leverage loan, utilizing newly created equity in the property they owned toward the acquisition of the new building. The new loan required approximately $4mm of Cap Ex, TI and LC
The 1 year bridge loan was provided by an institutional fund manager at 85% LTC.