Real Estate Weekly | July 21, 2022
Greenbridge Finance, a private finance company focused on the origination of loans for commercial real estate acquisitions and recapitalizations, and Deutsche Bank have co-originated $150 million to refinance The Reef in Downtown Los Angeles.
Greenbridge Finance is a wholly owned subsidiary of Greenbridge Investment Partners, a fully integrated commercial real estate platform that acquires and repositions underperforming properties to become “best-in-class” assets across all commercial real estate sectors. The loan joins a list of major company acquisition and leasing milestones over the last six months. Greenbridge’s principals include Sean Hashem and Fareed Kanani and partner Josh Farahi.
“Greenbridge applies a similar investment philosophy to its property portfolio and loan book,” said Sean Hashem, principal with Greenbridge Investment Partners and Greenbridge Finance. “Knowing long-term market trends and fundamentals are always essential considerations, but we look beyond the numbers. We spend time understanding an asset’s potential, learning the needs of its tenants and projecting future profits for both. We immerse ourselves in the local neighborhood and often observe community virtues or friction that impact an asset’s ultimate success. These criteria revealed The Reef’s long-term viability as a business and a borrower.”
Located at 1933 South Broadway near the 10 and 110 freeways and walking distance from the Expo and Blue light rail lines, The Reef offers over 800,000 rentable square feet of creative habitat tailored to meet the needs of the innovators, entrepreneurs, and diverse creators.
The 12-floor plus basement building unites LA Mart, the largest gift, home, and design resource in the West; Maker City LA, a workspace for creative businesses and entrepreneurs; and Magic Box, which offers facilities for media production, events, and experiential marketing. The property’s long-term tenants and short-term renters of event space include fashion, technology, media, design and the arts, and trade show producers small and large to collaborate and flourish in our spaces.
“Los Angeles is the global epicenter of creativity and there is a steady pipeline of demand for space to work. The building’s design and location make it an ideal location to launch and grow creative businesses,” Hashem added.
The Reef joins a growing list of current and former borrowers of Greenbridge’s short-term, floating rate capital and long term, fixed-rate financing for property acquisitions and recapitalizations of existing assets.
Greenbridge offers a variety of non-recourse loans ranging from $5 million-$200 million with loan-to-value and loan-to-cost ratios of up to 85% on all property types — office, retail, hotel, industrial, multifamily, mobile home, self-storage and mixed-use — in all markets across the United States. Greenbridge offers the ability to structure the entire capital stack of commercial real estate loans including senior, B-note, mezzanine and preferred equity.
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