 |
| Martin McDermott |
Irvine, CA – Avison
Young, the world’s fastest-growing commercial real estate services firm,
announced it has completed the $10-million sale of a 19,750-square-foot (sf)
creative office property in Los Angeles. The company also arranged the
financing on behalf of the new buyer.
Avison Young
Principal Martin McDermott, based in the firm’s West Los Angeles office,
represented the seller Hello and Company – a boutique production firm, which
occupied the entire space.
Avison Young
Principals Christopher Bonbright and John Tronson, along with
Senior Associate David Landau in the North Los Angeles office,
represented the buyer – world-renowned conservatory and college, the American
Musical and Dramatic Academy, College of the Performing Arts (AMDA).
Nick Roussos, a Vice-President in Avison Young’s
Irvine, CA office who specializes in real estate debt, equity and structured
capital, arranged the financing on behalf of AMDA.
 |
| John Tronson |
Located at 1641 Ivar in the heart of Hollywood, the property
now serves as a high-end creative space, but its past includes being host to
the Bob Hope USO Special.
Circling the property are two high-profile hotels – W
Hotel and Redbury; a major development project, the Millennium Towers; Emerson
College; the historic Sunset Gower Studios and other Hollywood attractions,
retailers, popular restaurants and bars, apartment developments and
creative-industry tenants.
“We identified up
front that this building was special and had potential, with the right
marketing program, to achieve a new high point for Hollywood sales metrics,”
comments McDermott.
“Since we were able to generate multiple offers that were
at, or close to, our asking price within weeks of launching the marketing
program, we were then able to deliver to the seller not only a record price,
but also the terms they wanted.”
 |
| Nick Roussos |
“Arranging financing for this deal was very complex and
could have been derailed without the financing expertise of our capital markets
group,” adds Roussos.
“The buyer required a closing in less than 30 days, and
being that the buyer was a non-profit entity, the loan had to be non-recourse.
Furthermore, the borrower required a lenient prepayment penalty to retain the
flexibility to refinance the purchased loan.
“Through deep-rooted lender relationships, I arranged a
bridge lending source who delivered a loan that was ready to fund five days
after first being presented with the buyer-specific loan requirements.”
For a complete copy
of the company’s news release, please contact:
Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224
No comments:
Post a Comment