Quantum Capital Arranges $16M Loan for New Retail Center in Downtown Los Angeles
LOS ANGELES — Quantum Capital Partners has secured $16 million in long-term first mortgage financing for the recapitalization of a retail center in downtown Los Angeles’ Arts District. Third Art Holdings, a local investment group, is the sponsor.
Located at 833 E. Third St., the 27,000-square-foot retail center is the $5 million adaptive reuse of a 1930s-era bowstring truss warehouse building. Completed in 2017, the property is currently 100 percent leased to a variety of tenants, including Over the Influence, H. Lorenzo, Shinola, Salt and Straw, Salt Bae and Inko Nito.
Proceeds from the 10-year CMBS loan originated by Deutsche Bank were used to take out the construction loan and return equity to the sponsor.
Jonathan Hakakha and Mike Yim of Quantum Capital Partners arranged the financing for the borrower.