DEAL SUMMARIES

The Montgomery

Property

Conversion of a historic downtown San Francisco office building to 106 luxury condominium units

Location

San Francisco, CA

Financing

$59.5MM total capitalization including $49.5MM of construction financing and $10.0MM of mezzanine debt to recapitalize a class B office building and convert the property to luxury residential units
Cosmo Lofts

Property

A converted, 50-unit, live-work loft

Location

Hollywood, CA

Financing

$11 million, 10-year fixed rate loan. The loan was structured with multiple fundings, with an initial funding at 65% occupancy, and two additional fundings at 81% and 94% occupancy. This allowed the borrower to close on a permanent loan prior to stabilization and eliminate interest rate risk by locking the 10-year Treasury yield in ...
Belmont Shores Retail

Property

A 13,688 sf high-end retail center located along E. 2nd Street in the affluent beach community of Belmont Shores just south of Long Beach. The property is anchored by a Starbucks, Lucky Jeans and Simzy’s restaurant.

Location

5251-71 E. 2nd Street Belmont Shores, CA

Financing

A 10-year, fixed rate, permanent loan in the amount of $7,200,000. The owner wanted to lock-in long term financing 18 months ...
LAX Office Building
$8.35M Creative Office Conversion, Bridge Loan;

Property:

A 81,509 sf, 4-story office building in the LAX office market.

Location:

6171 W. Century Blvd. Los Angeles, CA

Financing:

HRC secured a $8,350,000 bridge loan for the repositioning and renovation of a Class C, 81,509 sf office  building into a modern office building with 12-foot ceiling heights.  The property is the western most office building along ...
4th Street Office Building – DTLA
$7.6M Creative Office Conversion, Bridge Loan;

Property

A 41,805 sf distribution/warehouse building in the eastern Arts District in Downtown Los Angeles.

Location

1461-73 E. 4th Street Boyle Heights, CA

Assignment

HRC secured a $7,600,000 bridge loan for the repositioning and renovation of a 41,805 sf warehouse/distribution building into creative office space. The property is located just over the 4th Street ...
Buena Vista Business Park

Property:

An 8-building "For Sale" industrial park totaling 294,350 RSF; buildings range from 17,000 to 62,000 rentable square feet.

Location:

Irwindale, CA

Financing:

$1.9 million equity investment which increased the financing to 96% loan-to-project costs. This was a "for sale" program and the client (developer) was confident he would pre-sell buildings during construction. Client was willing to subordinate ...
Copley Corporate Center

Property:

The property consists of one three-story building, containing approximately 120,483 rentable SF and a four-story 160,000 SF parking structure situated on 5.32 acres. The building, which was built in 2001.

Location:

San Diego, CA

Financing:

$21.2 million non-recourse permanent loan (75% LTV), 10 year term and 30-year amortization. Since the borrower was structured as a TIC, the lender only assigned ...
Ralph’s Shopping Center

Property

Class A 46,000 square foot neighborhood shopping center built in December 1997. High quality tenants include Ralph's, Starbucks, Quiznos and Robeks Juice

Location

El Segundo, CA

Financing

$12.75 million permanent loan, 15-year term, five years of interest only payments, then 30-year amortization, arranged through a life insurance company.
Park Plaza

Property

81,000 square foot office building

Location

Oakland, CA

Financing

Highland arranged a $10.75M bridge facility to takeout a maturing loan against Park Plaza, an 81,000 square foot office building located on Lake Merritt in Downtown Oakland. A creative A/B loan was structured by Highland with a regional bank that carried an attractive fixed rate over 7 years, with the A note amortizing over a longer ...
8484 Wilshire

Property:

202,000 net rentable sq. ft., 10-story, class A office building

Location:

Beverly Hills, California

Financing:

$89,000,000 sale to a publicly traded office REIT
18 Dyer Road

Property:

A 366,000 sf industrial property located on 18.3-acres at the corner of Dyer Road and Redhill Avenue in Santa Ana, CA. The business plan is to re-entitled for a 1,000+ unit multi-family development.

Location:

Dyer Road and Redhill Avenue Santa Ana, CA

Financing:

A high-leverage bridge loan totaling $34,000,000 representing 75% LTC. The loan was provided by a New York based debt fund
The Mystic Hotel by Charlie Palmer

Property:

An 83-room hotel located in the Union Square area of San Francisco.  The property was converted to boutique hotel and renamed The Mystic Hotel by Charlie Palmer.  As part of the redevelopment, ownership opened The Burritt Room, a Charlie Palmer restaurant and bar

Location:

417 Stockton Street, San Francisco, CA

Financing:

A $20,000,000 refinancing equating to a 80% LTV and was comprised of a ...
Upland Shopping Center

Property

The $17,000,000 acquisition of a 80,000 sf shopping center located in Upland, CA.  The property was 80% occupied at the time of acquisition.

Location

Upland, CA

Financing

An $8,000,000 joint venture equity investment made by an institutional investment management firm.  The investment represented 90% of the required equity.  This was the 2nd investment made by the equity partner with this ...
Pasadena Office Building

Property

The $8,600,000 acquisition of a 44,206 sf office building with ground floor retail located in Pasadena, CA.  The property was 70% occupied at the time of acquisition.  The business plan is to upgrade the common area space and renovate/update the vacant offices.

Location

48 Raymond Ave, Pasadena, CA

Financing

The financing consisted of a $7,350,000 non-recourse bridge loan with approximately $450,000 of ...
Point Happy Plaza

Property:

70,000-sf mixed-use project comprised of retail and office uses

Location:

La Quinta, CA

Financing:

$29 million in total financing for (1) development of horizontal infrastructure, (2) construction of office and retail buildings, and (3) permanent financing upon stabilization of the final phase of development.
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