CBRE Capital Markets’ Debt & Structured Finance Group Arranges $93.4 Million Loan for Playa Vista Creative Portfolio
2020 1월 27
CBRE Capital Markets’ Debt & Structured Finance group has arranged the refinancing for Playa Vista Creative Portfolio on behalf of the owner and borrower, a global real estate investment manager. The $93.4 million loan closed on Jan. 27 with financing from an east coast-headquartered life insurance company.
Brad Zampa, Greg Grant, Steve Roth and Megan Woodring of CBRE arranged the $93.4 million, five-year, non-recourse floating rate financing with full-term interest only payments at a very competitive spread priced over 30-day LIBOR. The loan will refinance ownership’s existing loan and fund future leasing expenses to finalize the business plan and stabilize the project.
“The depth of capital available to institutional borrowers continues to surprise our team, particularly on our larger west coast executions. There was significant interest from Life Co’s, Banks, CMBS lenders and Debt Funds due to the strategic location, strong sub-market fundamentals and best in class Sponsorship,” said Brad Zampa of CBRE.
The 180,354-sq.-ft. portfolio, located in the heart of Playa Vista, is comprised of two Class A office buildings that are 70.3 percent leased. The building located at 12901 W. Jefferson Boulevard is fully leased to Deutsch’s Steelhead division, an internationally recognized advertising agency; “The Annex” building, located at 5340 Alla Road, is currently 59.5 percent leased to a diverse tenant roster of tech, advertising and media companies.
“West Los Angeles is one of the most supply-constrained office markets in the country,” said Greg Grant of CBRE. “Lenders are eager to put money to work in Playa Vista in particular, which is arguably the most coveted submarket in all of Silicon Beach.”
According to CBRE Research, West Los Angeles is experiencing leasing demand from high-profile entertainment, media and technology companies. In the last 24 months, West LA saw over 5 million sq. ft. of new leasing activity, fueled by large commitments from a number of large, well-known tech and media companies. Additionally, there is currently more than 4.5 million sq. ft. of active requirements from similar tenants.
The Playa Vista Creative portfolio sits off the Marina (I-90) Freeway and the Lincoln Boulevard and is located within two miles of the San Diego (I-405) Freeway. The area offers office users excellent amenities with proximity to best-in-class shopping and retail centers, as well as an abundance of executive housing.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.