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Culver City Creative Offices Land $21M Takeout Loan
Gantry secured a $21.4-million construction takeout loan for a two-building creative office project, located at 3520-3524 & 3512-3516 Schaefer St. in Culver City. Principal Tony Kaufmann and associate Andrew Ferguson with the firm’s San Francisco production office represented the borrower, a private real estate investment and development firm based in West Los Angeles.
The financing was provided by one of Gantry’s correspondent insurance company lenders. It features an attractive fixed rate with a three-year initial term and 30-year amortization.
Encompassing 35,000 rentable square feet in total, the new Class A buildings feature 18-foot ceilings, extensive glass, open floor plans with modern interiors and landscaped exteriors with gathering spaces.
Kaufmann said, “Not all office space is struggling in the current market cycle, and a flight to quality has kept many newer properties on track. Gantry’s insurance company correspondents provide access to fixed rate financing on office properties able to demonstrate performance in what has remained a tough market cycle for the asset class in general.”
- ◦Financing
