BUCHANAN STREET PARTNERS PROVIDES $21.6M ACQUISITION, RENOVATION LOAN

LOS ANGELES — Buchanan Street Partners has provided $21.6 million of principal in a joint venture with The Kor Group for the acquisition and renovation of the Pegasus apartment tower in downtown Los Angeles. Located at 612 Flower St., the 250,458-square-foot multifamily/retail property offers 322 residential units and 12,500 square feet of retail space. Current retail tenants include Daily Grill, Rosenaur Wu, Downtown Florist and Café Primo. The partnership plans to upgrade the multifamily portion of the property, which was built in 1949 as the corporate headquarters for Mobil Oil and was converted into apartments in 2003.