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Preylock Capitalizes $26M Torrance Asset Acquisition
Gramercy Plaza, a 158,000-square-foot, four-story, Class A office building in Torrance, CA, has been capitalized. HFF worked exclusively on behalf of the sponsor, Preylock Real Estate Holdings, to secure both the financing and the joint venture equity for the acquisition. Preylock acquired the asset for $26.18 million.
The financing was structured as a three-year, floating-rate, interest-only loan with a specialty finance debt fund. The total loan commitment is equal to 75% of the anticipated total project costs, including future funding to modernize the building’s interiors and exterior designs and implementation of a leasing initiative. In addition, the team arranged Preylock’s joint venture equity with a national life insurance company.
Gramercy Plaza is located at 2050 W. 190th St. in the South Bay’s 190th Street corridor.
HFF’s Greg Brown, John Chun and AJ Manas represented the sponsor.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


