SANTA MONICA, CA—Pacshore Partners andGreenOak Real Estate have secured $17.5 millionfor a mixed-use property through Berkadia CommercialMortgage's Proprietary Bridge LendingProgram. The four-story property has 40,000 square feet ofoffice and retail space with a high-profile tenant mix thatincludes JP Morgan Chase and MendocinoFarms.

“The borrowers are using the money to modernize the retailstorefronts and facade, and to lease up the remaining vacancy bydelivering a unique, creative office experience in a highly desiredlocation,” Nick Cassino, Berkadia SVP, tellsGlobeSt.com. Cassino arranged the financing on behalf of theborrower.

The two-year loan has a floating interestrate with two one-year exclusion options. The loanhas a 65% loan-to-value and a 75% loan to cost. According toCassino, the borrowers chose a floating rate for the flexible debt,which they needed while “executing their business plan.”“Berkadia's Proprietary Bridge Lending Program was a natural fitbecause of our experience closing structured deals like this one,highly competitive terms and existing relationship with theborrower,” he adds.