Friday, November 4, 2016
LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $14.5 million refinancing for 1200 Wilshire Boulevard, a 96,060-square-foot office building in downtown Los Angeles, California.
Working on behalf of the borrower, Sharp Capital, HFF placed the 10-year, interest only, 4.02 percent, fixed-rate loan with a national bank. This loan replaces previous acquisition financing with a regional bank that HFF helped secure in late 2014 for the borrower. Sharp Capital plans to hold the asset in their core portfolio and the newly-placed, full-term interest only loan will help maximize the cash flow to Sharp Capital.
1200 Wilshire Boulevard is situated on 0.78 acres in the heart of downtown Los Angeles at the intersection of Wilshire and Lucas Street, three blocks from the Harbor Freeway.
The six-story building was renovated in 2006 and is 89 percent leased to a variety of tenants in the banking, healthcare, legal, counseling and marketing sectors.
The HFF debt placement team representing the borrower was led by director Jeff Sause and associate Ryan Ash.
“Since acquiring the asset we have seen strong demand for space at the property and have been able to create significant value,” said David J. Shophet, a principal of Sharp Capital. “We look forward to continuing to hold the property and operating it as a top-tier asset in the submarket.”
For a complete copy of the company’s news release, please contact:
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax 617.338.2150 | www.hfflp.com
Posted by Alex at 11:23 AM