Sean Bushe, regional loan officer for La Jolla bank in the SanDiego County-based lender's Beverly Hills office, tells GlobeSt.comthat the new financing is a 15-year loan on a 30-year amortizationschedule. Bushe says that Visco, which operates clubs in the SanDiego area, has nearly completed construction on the conversion ofthe three-story building into a nightclub, which is expected toopen within weeks. The loan was a direct deal between lender andborrower.

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The converted building will feature a bar in its basement, arestaurant on the first floor, a corporate events venue on thesecond floor and Visco's corporate offices on the third floor. Itwill also feature a rooftop bar.

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Bushe, who has been with La Jolla Bank for 14 years, tellsGlobeSt.com that the loan illustrates that current credit marketconditions favor portfolio lenders like La Jolla. "When you takeall of the conduit lenders out of the market, as well as some ofthe other lenders, we can get better pricing and more equity," saysBushe, who began working at La Jolla's Beverly Hills office earlythis year to look for more loans in the Los Angeles area.

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The 6608 Hollywood Blvd. building was built in two phases in1917 and 1931, housing the Kress department store until the 1940s,when it became the location of Frederick's of Hollywood. After thelingerie company moved out, Visco bought the building to convert itto a club and corporate events venue.

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