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| 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.
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| 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.
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| 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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