HFF arranges $42.565 million in financing for Los Angeles area creative office building
DENVER, CO – June 27, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $42.565 million in financing for 465 North Halstead, a 238,205-square-foot creative office building in Pasadena, California.
Working on behalf of the borrower, a partnership between EverWest Real Estate Partners and The Rhône Group, HFF placed the five-year, floating-rate loan with Bank of America. Loan proceeds were used to acquire the property. The loan has two, one-year extension options.
465 North Halstead is situated on a 9.6-acre site in the Tri-Cities area of Los Angeles, home to JPL, Caltech, the Art Center College of Design and multiple Fortune 500 companies. With a Walk Score© of 77, the property is within walking distance of numerous retailers, more than 50 restaurants and the Sierra Madre Metro Gold Line station providing access to downtown Pasadena, downtown Los Angeles and the entire San Gabriel Valley. Recently renovated in 2015, 465 North Halstead features 12’ plus ceiling heights, polished concrete floors, private entrances, high-speed fiber optic connections and collaborative outdoor space. Eight tenants occupy the 89-percent-leased property including Giant Magellan Telescope, Community Bank, Sierra Lobo and OeWaves.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and director Marc Schillinger.
About EverWest Real Estate Partners
EverWest Real Estate Partners, LLC, headquartered in Denver, Colorado, is a privately held real estate investment management and operating company, creating significant capital appreciation for investors through strategic acquisition, development, capitalization, repositioning, and management of commercial real estate assets.
About The Rhône Group
The Rhône Group is a 20-year old global private equity firm headquartered in New York and London.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
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