LOS ANGELES– HFF announced today that it has arranged a $7 million financing for 1038-1042 Princeton, an approximately 33,000-square-foot creative office property located in Marina Del Rey, California.
HFF worked on behalf of the borrower, The Luzzatto Company, Inc., to secure an adjustable-rate acquisition loan through California Bank & Trust.
The property consists of an 11,000-square-foot building at 1042 Princeton and a 22,000-square-foot building at 1038-1040 Princeton. 1042 Princeton is fully leased to three tenants. Currently vacant, 1038-1040 Princeton is set to undergo extensive renovation and subsequent tenant stabilization after the completion of construction.
The HFF team representing the borrower was led by director Chris Vittetoe and real estate analyst Benjamin Gallant.
The Luzzatto Company, Inc. (TLC) is a Santa Monica, California private equity firm that invests nationwide in real estate and real estate-related debt with existing investments in California and nine other states. TLC acquires properties through its equity fund, Luzzatto Real Estate Value Fund I, L.P., as well as through existing ventures and partnerships with high-net-worth individuals and institutional investors. Additionally, TLC’s affiliate Diversis Capital invests in small and mid-market companies, equity and distressed debt. For more information, please visit: www.luzzattocompany.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.