$14,560,000, 65% LTV, 10-year permanent loan
30,000 square foot creative office building
Los Angeles, CA
Highland arranged a $14,560,000, 65% LTV, 10-year permanent loan to refinance Exposition, a roughly 30,000 square foot creative office building in the Crenshaw submarket of central Los Angeles.
Sponsor purchased the asset in 2017, completed close to $3.0mm in capital improvements to reposition the property, and recently inked a lease with The RealReal to take the entire space. The CMBS perm debt is interest only throughout the loan term and will be used to refinance existing debt and cash out the borrower.