Los Angeles – Dekel Capital, a Los Angeles-based real estate investment banking firm, has arranged $37.25 million of bridge and mezzanine debt on behalf of Los Angeles, CA-based Cahuenga Pass Development to recapitalize a 67-unit Live/Work property located in Studio City, Calif., announced Dekel Managing Principal Shlomi Ronen.
Universal Lofts is a fully leased 67 unit, Live/Work loft condominium community that was completed in 2008. Located across the 101 Freeway from Universal Studios, the development features nine buildings containing 67, three-story, two-bedroom/1.75 bathroom Live/Work condominium units, each with direct garage access.
The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital. The loans have a three-year term and enable the Borrower to begin marketing and selling the units as condominiums.
“By bringing in East West Bank and Pembrook Capital we were able to yield the Borrower a rate that was 100 basis points inside of the market, ” says Ronen. “Furthermore the loans have release provisions that enable the Borrower to execute on their business plan to sell out the Live/Work units individually.”
Dekel Capital is a Los Angeles based boutique real estate investment banking firm that specializes in equity placement and debt financing for all asset types throughout the United States. The firm maintains relationships with a broad range capital sources, including investment banks, money center banks, regional lenders, credit companies, hedge funds, private lenders, foreign banks, pension funds, sovereign wealth funds, family offices, and high net worth investors both in the U.S. and abroad critical to accomplishing their clients’ specific needs in today's highly complex and rapidly shifting real estate markets.