LOS ANGELES, CA - July 30, 2014 – HFF announced today that 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. “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.” EVOQ Properties, Inc. (EVOQ) is a real estate company owning properties primarily in Downtown Los Angeles with holdings in office, industrial, retail, residential and mixed-use assets. Principal Real Estate Investors manages or subadvises $52.6 billion in commercial real estate assets as of June 30, 2014. The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.   News Source : HFF arranges $16.4 million refinancing for Los Angeles industrial building

 

 

30 July 2014