Lucent Capital Arranges $12.25 Million Loan For Santa Monica Creative Office Building
Posted May. 29, 2012, 2:39 am
Real estate finance advisory firm Lucent Capital has arranged a $12.25 million senior loan for Brentwood Capital Partners (BCP) to recapitalize Pacific Ocean Plaza, a 25,212 square-foot creative office building in Santa Monica.
Built in 1984, the four-story building located at 1437 7th Street near Santa Monica's Third Street Promenade is 100 percent leased to four tenants.
The building features secured on-site parking, polished concrete floors, exposed ceilings, interior courtyard and private exterior patios offering views of the ocean and Santa Monica Mountains. BCP acquired the building in 2008.
The 120-month term, non-recourse loan is open to prepay at PAR the last five years, according to Lucent Capital Managing Director Farzin Emrani.
We were able to demonstrate to the lender, the strength of sponsorship and the tremendous demand for creative office space in Santa Monica, which boasts an overall vacancy rate of five percent, said Emrani.
Earlier this year, Lucent Capital secured $10 million in permanent financing for BCP to retire the existing debt on The Citizen News Building, a 48,925 square-foot creative office building located at 1545 Wilcox in of Hollywood.