Salt Lake City, UT–December 6, 2016– CBRE has arranged a $16.75 million bridge loan for the purchase of a Class A office building in Los Angeles, California. The 43,396-square-foot property is located at 640 North Sepulveda and was purchased by Vectra Management Group, Inc. (Vectra) via an auction from UC Regents for a total price of $17.06 million.
Doug Birrell, first vice president with CBRE Capital Markets Debt & Structured Finance, arranged the acquisition financing for Vectra.
Though vacant upon purchase, the building has previously been occupied by major tenants, including DreamWorks, Electronic Arts and Mark Burnett Productions. Given its location in the prestigious Bel Air area of West Los Angeles, abundant secured parking and attractive patio space, the property is well positioned to appeal to today’s creative office space users. Vectra plans to invest significant money into the property to further upgrade the common areas and re-lease the property—potentially to another media or tech tenant.
Birrell noted, “Utilizing CBRE’s vast network of lenders, we were able to secure the best loan available to accomplish the buyer’s objectives. This loan structure will facilitate Vectra’s efforts to maximize the value of the property.”
The building was financed utlizing a short-term bridge loan from JCR Capital which provides an initial interest-only peroid with a fixed-rate structure and includes reserves for future tenant improvements, leasing commissions and planned capital improvements.
“CBRE and JCR Capital provided extraordinarily fast execution to satisfy our short timeline; they went above and beyond to meet our needs,” stated Raju Shah, Vectra’s managing director. “This financing package reaffirms our confidence in the exceptional Bel Air property, which is uniquely positioned to attract a first-rate tenant.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Vectra Management Group, Inc.
Vectra Management Group (Vectra) is an entrepreneurial real estate investment, development and management company that specializes in complex value added commercial real estate investments. The firm’s principals and professional staff have decades of experience in all major property types. The firm provides comprehensive commercial real estate solutions to its clients and partners though its dedicated service offerings. Vectra has offices in Los Angeles, New York and Salt Lake City.
