2145 Sacramento & 2150 Bay St
37,000 SF Creative Office
Arts District, DTLA-Los Angeles, CA
HRC secured a $10,350,000 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 $4,000,000 of Cap Ex, TI and LC
The 1-year bridge loan was provided by an institutional fund manager at 85% LTC.