Eagle Group Finance provided refinancing for a prominent Century City property last week as the lending group closed an $8.75 million short-term loan for a commercial office building in Century City.
Although it was a close call for the five-story, 24,869-square-foot structure after the previous private lender was unable to provide funding, Eagle Group Finance came to the rescue and quickly executed the loan within a matter of days.
The office building is privately owned and 98 percent leased, mostly to entertainment industry companies. Designed by Frank Gehry and initially constructed for Samuel Goldwyn, the structure was completed in 1964 and renovated in 2002.
Due to the history and the purpose of the building, commuters and locals within Century City are aware of its value, according to the Eagle Group. The significance of the building naturally made the transaction an appealing decision to make, they said.
Eagle Group Finance President Brian Good added that the “size and location of the property along with the value of the collateral” were typical attributes that the company seeks to include in its loan portfolio.
“Consequently, we were able to execute quickly,” Good said. “We were excited to have the opportunity to work on this transaction. We’re in the market for these kinds of deals – we were referred by a friend for this particular building, although brokers, accountants, and lawyers bring up potential opportunities all the time.”
Good explained like many of the Eagle Group’s financing situations, the borrower sought to refinance the property quickly and close the loan as soon as possible, as the previous private lender “was not prepared to extend the maturity of the loan.”
Eagle Group Finance closed the loan in eight days.
“We’re the only lender on the building,” Good said. “The market for private lending appears to be robust as our deal flow has increased significantly over the past year and seems to be growing at an increasing rate.”
In the near future, the lender has ambitious expectations for this coming year, as Good said that Eagle Group Finance expects its loan volume and amount of financed deals to “equal or surpass all of [its] prior years combined.”
The newly refinanced commercial office building is Eagle Group Finance’s only financing deal in Century City. The building is located at 10203 Santa Monica Blvd.
Eagle Group Finance is a West Coast-based direct lender that specializes in private loans for commercial real estate and lends on all property types in California, Arizona, Nevada, Texas, and Colorado. The group offers short-term bridge financing to commercial properties.
For more information, call 310.843.0001 or visit eaglegroupfinance.com.
