Bellwether Enterprise Arranges $25M Refinancing for Office Building in Los Angeles
LOS ANGELES — Bellwether Enterprise Real Estate Capital has arranged $25 million in refinancing for a single-tenant office building located in the South Bay region of Los Angeles.
Shelley Magoffin and Max Sauerman of Bellwether’s Los Angeles office secured the first mortgage financing for the borrower, a Los Angeles-based investor. The borrower plans to use the loan to refinance existing debt. The new non-recourse loan features a 12-year term and three years of interest-only payments followed by a 30-year amortization.
Originally constructed in the 1950s and expanded in the 1980s, the property features 200,000 square feet of office space. At the time of refinancing, the building was occupied by a defense company, which recently extended its lease for 10 years.
Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.