Loan Refinancing Arranged for Retail/Office in W. Hollywood
John Libretti, Managing Director at Progress Capital secured $1,622,500 in refinancing for a mixed-use property located at 7722 Santa Monica Blvd., West Hollywood, CA. The owner’s business and its subsidiaries occupy two office units within the multi-tenant building, while leasing out one retail and one office unit on long-term leases.
John worked with Commerce West Bank, who yielded favorable terms including a 6 month I/O period followed by a 3.50% fixed for 10-years, based on a 30-year amortization schedule.
The 3,593 SQFT site contains a 1920 circa building positioned in trendy West Hollywood on the SW corner of Spaulding Avenue and Santa Monica Boulevard, known as one of the most vibrant stretches of street on the West Coast. The property is just 15 minutes away from Glendale and Downtown Burbank Commuter Rails and is less than 15 miles from Bob Hope and Los Angeles International Airport.
Progress Capital is a leading commercial mortgage broker with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market.