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LONG BEACH, CA-A Beverly Hills, Calif.-based private investor obtained a $5.52 million loan from Lehman Bros. to refinance the 62,262-sf City Centre office building at 200 Pine Ave. in downtown Long Beach.

The refinancing retired both a first and a second trust deed on the property, Richard Scandaliato of NorthMarq Capital tells GlobeSt.com.

Scandialiato, who arranged the loan, says the loan-to-value ratio was 75%, with the property generating a 1.35 debt coverage ratio.

The six-story City Centre building was constructed in the 1930s and was renovated in both 1963 and 1994. Scandaliato says the property is currently 91% occupied, is on a half-acre site and includes a five-level parking structure including 123 spaces.

Among the tenants are the city of Long Beach redevelopment agency and Wasabi, a Japanese restaurant.

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