Square Mile Capital Originates $30M Loan for California Market Center in Los Angeles
LOS ANGELES — Square Mile Capital Management has originated a $30 million mezzanine loan for California Market Center in downtown Los Angeles. The borrower, an affiliate of Jamison Services, used the proceeds to refinance the existing debt on the property, provide capital to complete renovations of the ground-floor common areas and retail space, and fund leasing costs for recently signed and future tenants.
The 1.8 million-square-foot mixed-use property features retail, office and showroom space. The property is currently 55 percent leased to a combination of fashion and showroom, creative office and retail tenants. The property features three interconnected 13-story buildings and includes a bank branch and 2,200 parking spaces in two garages.