Lane was attracted to the deal by the underlying collateral, the 21-story 6300 Wilshire Blvd. building, Leavitt says. The building is also encumbered by $60 million of senior debt and $29.5 million of mezzanine debt, Lane's description of the deal points out.

Leavitt says he is not sure how many prospective buyers bid on the 6300 Wilshire note, but he says there was competition for the note because the company did not win the deal with its first bid. The Lane Capital joint venture bought the note from Harvard Investment Management Co. (Himco), which had retained Eastdil Secured as an adviser on the sale. The transaction was complicated by the requirement that the purchaser be a Qualified Institutional Lender.

Lane specializes in the acquisition of performing, non-performing and sub-performing commercial real estate. The company is looking to increase its holdings of mortgage debt in the middle of the capital stack on well located properties in major markets.