HFF secures $14.5 million refinancing for 1200 Wilshire Boulevard in Los Angeles
LOS ANGELES, CA – November 2, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured a $14.5 million refinancing for 1200 Wilshire Boulevard, a 96,060-square-foot office building in downtown Los Angeles, California.
Working on behalf of the borrower, Sharp Capital, HFF placed the 10-year, interest only, 4.02 percent, fixed-rate loan with a national bank. This loan replaces previous acquisition financing with a regional bank that HFF helped secure in late 2014 for the borrower. Sharp Capital plans to hold the asset in their core portfolio and the newly-placed, full-term interest only loan will help maximize the cash flow to Sharp Capital.
1200 Wilshire Boulevard is situated on 0.78 acres in the heart of downtown Los Angeles at the intersection of Wilshire and Lucas Street, three blocks from the Harbor Freeway. The six-story building was renovated in 2006 and is 89 percent leased to a variety of tenants in the banking, healthcare, legal, counseling and marketing sectors.
The HFF debt placement team representing the borrower was led by director Jeff Sause and associate Ryan Ash.
“Since acquiring the asset we have seen strong demand for space at the property and have been able to create significant value,” said David J. Shophet, a principal of Sharp Capital. “We look forward to continuing to hold the property and operating it as a top-tier asset in the submarket.”
About Sharp Capital
Sharp Capital is based in Beverly Hills and for more than 30 years they have specialized in transforming undeveloped land and distressed properties into profitable, community-enhancing developments. The principals of Sharp Capital have built an impressive portfolio that showcases retail centers, office, and multifamily. The family-owned nature of Sharp's business and investments has allowed the company to dramatically increase the swiftness of transactions. Since Sharp invests personal capital, the company is able to close deals in as little as seven business days, thus reassuring sellers and brokers of the soundness of their investments with this unique firm.
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.