The three-year, non-recourse construction loan closed a couple of weeks ago, in the midst of an unfavorable lending climate for office buildings. "Office construction is very much out of favor," says Paul Brindley, senior director at Holliday Fenoglio Fowler. "However, this project has a very unique location and features."
The Art Deco style building stands at Third Street Promenade and Santa Monica Boulevard. It is located two blocks from the ocean, offering unobstructed views of both the city and the sea, Brindley says.
The office facility will remain vacant during the renovation. Plans call for a complete interior modernization, including seismic upgrades and restoration of the exterior façade by the time the project is completed next summer.
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