Friday, October 25, 2013

HFF arranges $7 million financing for creative office property in Marina Del Rey, CA


1038--1040 Princeton Drive, Marina Del Rey, CA

LOS ANGELES, CA – HFF announced today that it has arranged a $7 million financing for 1038-1042 Princeton, an approximately 33,000-square-foot creative office property located in Marina Del Rey, California.

Chris Vittetoe
HFF worked on behalf of the borrower, The Luzzatto Company, Inc., to secure an adjustable-rate acquisition loan through California Bank & Trust. 

The property consists of an 11,000-square-foot building at 1042 Princeton and a 22,000-square-foot building at 1038-1040 Princeton.  1042 Princeton is fully leased to three tenants.  Currently vacant, 1038-1040 Princeton is set to undergo extensive renovation and subsequent tenant stabilization after the completion of construction.

The HFF team representing the borrower was led by director Chris Vittetoe and real estate analyst Benjamin Gallant.

Benjamin Gallant
The Luzzatto Company, Inc. (TLC) is a Santa Monica, California private equity firm that invests nationwide in real estate and real estate-related debt with existing investments in California and nine other states.

 TLC acquires properties through its equity fund, Luzzatto Real Estate Value Fund I, L.P., as well as through existing ventures and partnerships with high-net-worth individuals and institutional investors. 

Additionally, TLC’s affiliate Diversis Capital invests in small and mid-market companies, equity and distressed debt.  For more information, please visit: www.luzzattocompany.com.

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

Olivia Hennessey
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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