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ASB Secures $95M Loan on DTLA’s WaterMarke Tower
Washington D.C.-based ASB Real Estate Investments (ASB) secured $95 million in financing for WaterMarke Tower, a 35-story, Class A apartment building at 705 W. 9th St., in DTLA. The loan was secured on behalf of ASB Allegiance Real Estate Fund, a core investment vehicle.
ASB obtained a 10-year, non-recourse, floating-rate loan from German-based commercial bank Helaba, at an interest rate equal to one month LIBOR plus a spread of 1.30%. The loan will be swapped at closing to a fixed rate of 3.957%.
ASB’s David Quigley says, “This is an attractive long-term financing on a superior multifamily investment. We are also pleased to grow our relationship with Helaba.”
Completed in 2009 in the vanguard of the downtown financial district’s residential expansion, and acquired by ASB in 2014, the 95%-leased luxury high-rise has 214 units. The asset also includes 9,000 square feet of retail space leased to Faith & Flower restaurant, and 357 parking spaces.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing




