Featured Transactions

Client Request

Non-recourse bridge financing to execute renovation plan for creative office campus in Playa Vista


Situation/Challenges

  • Request was for non-recourse, maximum leverage on a speculative creative office conversion
  • Given the product type (5,000 SF to 10,000 SF single tenant buildings) pre-leasing was not completed
  • Limited like-for-like comps in the immediate area for rents and sales comps
  • High lender basis per square foot

Solution

  • Identified a newly-capitalized debt fund with high-leverage, non-recourse capability
  • Proved out Proforma rents and stabilized value by performing a comprehensive market survey and guided tour for the lender, inclusive of full team (sponsor, leasing brokers, property managers)