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| Paul Brindley |
LOS ANGELES, CA – HFF announced it has arranged a $16.4
million refinancing for Santa Fe Commerce Center, a 261,533-square-foot
industrial building in Los Angeles, California.
Working on behalf of EVOQ Properties, HFF placed the three-year,
floating-rate loan with Principal Real Estate Investors. Loan proceeds were used to refinance an
existing bridge loan that HFF placed on the property in June 2012.
Santa
Fe Commerce Center sits on 8.58 acres at 2425 E. 12th Street, which is 1.5
miles southeast of downtown Los Angeles with immediate access to Interstate
10. The 100 percent leased,
multi-tenant property includes 24’ clear ceiling heights.
The
HFF team representing the borrower was led by associate director Jeff Sause
and senior managing director Paul Brindley.
“The loan was used to refinance an existing loan that we
closed approximately two years ago at a much higher interest rate,” Brindley
said.
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| Santa Fe Commerce Center, Los Angeles, CA |
“The improved rate
is primarily due to four factors:
better cash flow; at the time of the original loan, the company had been
recently recapitalized by an institutional investor to affect an emergence from
bankruptcy; new sponsor had recently replaced the management team at emergence
and the debt markets are much better today.
“ The new loan is evidence that HFF's relationships with
life companies have never been more valuable to borrowers.”
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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