Lending Velocity Spurs Fashion-District Refis

(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27, 2013.)

LOS ANGELES-A stable area throughout the recession, the Fashion District downtown is now seeing a spate of refinancing transactions, thanks mostly to the fact that lenders are loosening up the purse strings. Mortgage-banking firm Quantum Capital, for one, recently arranged financing for two properties in this section of town, and managing director Jonathan Hakakha tells GlobeSt.com that it means transaction activity is once again starting up for the area. One of the recent Fashion District refinancing deals Quantum has arranged, on which GlobeSt.com recently reported, is for a mixed-use office/showroom building at 777 E. 10^th St.; the amount was $22.345 million. Another was a $6.325-million loan at 4% fixed for five years on behalf of a private investor for a similar building located at 1145 Towne Ave.