The development site is a vacant parcel at 9378 Wilshire Blvd., near the southeast corner of the Beverly Hills Triangle. Mitsanas tells GlobeSt.com that the land at one time was the site of a gas station, but the station was razed some time ago. The site is on a ground lease that runs for another 50 years. The construction loan includes extension options and provides partial recourse to the sponsors.
The Beverly Hills project landed its funding close to the same time a borrower called 1680 Vine Investment Co. LLC secured $10 million to refinance a 12-story, 105,000-sf office tower called the Taft Building in Hollywood, according to Meridian Capital Group, which arranged the refinancing. Allan Lieberman of Meridian's New York office, who negotiated on behalf of the borrower, reports that the loan carries a 6% interest rate that was locked at application with the commercial lending division of a national savings bank. The first two years of the 10-year loan are interest-only.
[IMGCAP(2)]The Taft Building, which is at the storied intersection of Hollywood & Vine streets, was one of Hollywood's first high-rise buildings when it was constructed in 1924. It once housed the Academy of Motion Picture Art and Sciences and now is home to more than office tenants as well as two ground floor retail spaces.
New projects alongside the property include the development of the 305-room W Hotel tower with adjoining condominiums and apartments. The southeast corner of the property will also include 375 luxury apartments, restaurants and retail shops.
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