Upscale Living Coming Near LA LIVE as Project Secures Construction Financing
- Mar 18, 2016
Los Angeles– Developers are looking to enhance the city’s core by adding high-end housing to the mix of retail and entertainment, and one such opportunity is closer to reality due to the recent arrangement of a construction loan.
An L.A. developer registered under the name 1400 Fig LLC worked with Johnathan Hakakha of Quantum Capital Partners and Mike Tanner of Pacific Southwest Realty Service to receive $23.6 in financing for the development of an upscale mixed-use project. The construction loan was provided by Opus Bank, which underwrote the asset’s proforma NOI and the sponsor’s imputed equity in the asset. The measure is a three-year interest only variable rate financing that only includes two six-month extension options and was priced at 3.5 percent above LIBOR with a 4 percent floor.
Taking shape at 1400 Figueroa St., the mixed-use project will offer 110 upscale residential units and 1,400 square feet of ground floor retail. The amenity package will include a gym, second-level pool deck, a rooftop lounge, and two levels of subterranean parking. Following the successful groundbreaking, the seven-story building is aiming for completion in the spring of 2018.