Wednesday, February 20, 2013

HFF arranges $14 million refinancing for Class A office building in Santa Monica, CA



2700 Pennsylvania Avenue, Santa Monica, CA
LOS ANGELES, CA – HFF announced today that it has arranged a $14 million refinancing for 2700 Pennsylvania Avenue, a 62,000-square-foot, Class A office building in Santa Monica, California.

Working on behalf of The Luzzatto Company, Inc. and Welk Real Estate, Inc., HFF secured the seven-year, fixed-rate loan though Principal Real Estate Investors.

Chris Vittetoe
2700 Pennsylvania Avenue is located a few blocks from the intersection of Cloverfield Boulevard and Interstate 10 in Santa Monica and one block from the new Bergamot Station of the Expo Light Rail line that will open in 2015.  The creative office space is 100 percent leased to two tenants: Yahoo! and Jakks Pacific.

The HFF debt placement team representing the borrower was led by director Chris Vittetoe and real estate analyst Steven Paskhover.

Marc L. Luzzatto
“The HFF team was highly effective in helping us evaluate the many attractive options for financing this irreplaceable asset,” said Marc L. Luzzatto, chief executive officer of The Luzzatto Company. 

The Luzzatto Company, Inc. and its affiliates (“TLC”) invest in real estate and real estate-related debt, with existing investments in California, Washington, Oregon, Nevada, Hawaii, Texas, Illinois, Alabama, Georgia and Missouri.

 TLC acquires properties through its equity fund, The Luzzatto Real Estate Value Fund I, L.P., as well as through existing ventures and partnerships with high net-worth individuals and institutions.  TLC also manages the assets and properties of Welk Real Estate, Inc., the real estate affiliate of the Lawrence Welk family holding company.  

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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