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| 1200 Wilshire Boulevard, Downtown Los Angeles, CA |
LOS ANGELES, CA ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $14.5 million
refinancing for 1200 Wilshire Boulevard,
a 96,060-square-foot office building in downtown Los Angeles, California.
Working on behalf of the
borrower, Sharp Capital, HFF placed the 10-year, interest only, 4.02 percent,
fixed-rate loan with a national bank.
This loan replaces previous acquisition financing with a regional bank
that HFF helped secure in late 2014 for the borrower. Sharp Capital plans to hold the asset in their
core portfolio and the newly-placed, full-term interest only loan will help
maximize the cash flow to Sharp Capital.
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| Jeff Sause |
1200 Wilshire Boulevard is
situated on 0.78 acres in the heart of downtown Los Angeles at the intersection
of Wilshire and Lucas Street, three blocks from the Harbor Freeway.
The six-story building was renovated in 2006
and is 89 percent leased to a variety of tenants in the banking, healthcare,
legal, counseling and marketing sectors.
The HFF debt placement
team representing the borrower was led by director Jeff Sause and associate Ryan
Ash.
“Since acquiring the asset
we have seen strong demand for space at the property and have been able to
create significant value,” said David J. Shophet, a principal of Sharp
Capital. “We look forward to continuing
to hold the property and operating it as a top-tier asset in the submarket.”
For a complete copy of the company’s news release,
please contact:
Kristen Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | fax
617.338.2150 | www.hfflp.com
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