David Burt of Imperial Capital, which provided the funding, tells GlobeSt.com that the mortgage loan had a 75% loan-to-value ratio. Burt says the deal closed at a 1.25% debt coverage ratio, with the borrower obtaining an initial interest rate just north of 6%. The floating rate loan has a 10-year term and a 20-year amortization. Mortgage broker By Cartmell of George Elkins in West Los Angeles arranged the financing for the 37,621-sf combination warehouse and office building at 380 Lombard St.
The borrower purchased the building from Camarillo, CA-based developer Martin Teitelbaum, who built the two-story concrete tilt-up building. The structure is designed with 24-foot ceilings and four loading docks.
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