$62M Refinances Apartments and Office Building

BEVERLY HILLS, CA-The J.H. Snyder Co. has secured a new $62-million loan from RBS Greenwich Capital to take out a construction loan on the developer's mixed-use Crescent project. Curtis Palmer of Transwestern Multi Housing Capital Advisors, which arranged the financing, tells GlobeSt.com that it is a bridge loan for interest only and floats over Libor.Palmer was part of a Transwestern team including Alex Quintana and Herb Chase that arranged the financing. The team worked with Eric Gunderson, VP of RBS Greenwich Capital in Downtown Los Angeles, to arrange the loan.The Crescent development comprises 88 luxury apartments, 40,000 sf of office space, 534 underground parking spaces and a landscaped entry court at a site on the corner of Wilshire Boulevard and Crescent Drive. The project is in the part of the city referred to as the Golden Triangle.According to Los Angeles-based Snyder, the Crescent development is the first rental apartment complex to be developed in the City of Beverly Hills for the past 25 years. Its 88 units comprise 12 two-story brownstones and 76 luxury townhouse apartments.The project was designed by the architectural firm of Van Tilburg, Banvard & Soderbergh of Santa Monica. Its 534 parking spots, on three levels, include 307 designated for commercial use and 227 for residents.Gunderson tells GlobeSt.com that RBS Greenwich is lending on office, retail, industrial, multifamily, self storage and hotel properties across Southern California and the West Coast. It is executing everything from ordinary low-leverage deals to highly structured high leveraged loans of 80% to 90% loan to value, bridge deals and permanent loans.