LA Office Redevelopment Snags Construction-to-Perm Loan
Gantry secured a $28.5-million construction-to-permanent loan for the re-development of an existing office building 100% pre-leased by the GSA as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Located at 5245 Pacific Concourse Dr. in Los Angeles, the 66,000-square-foot office building is planned to deliver a modern facility tailored for use by the agency.
Principals Mark Ritchie and Amit Tyagi and associate Alicia Sabanero, all with Gantry’s Los Angeles office, represented the borrower, a private real estate company. The multi-decade construction-to-permanent loan was provided by one of Gantry’s correspondent life company lenders with a long-term fixed interest rate.
Ritchie said, “This new immigration court facility for the Executive Office of Immigration Review will provide a modern environment for the workflow of this ever-relevant agency. Gantry’s track record in this space provided the client with a high level of comfort we could deliver these favorable terms in a highly volatile market. Gantry crafted some unique structures allowing the borrower multiple pre-payment periods over the term, allowing for an early exit of the loan if ever desired.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).