November 5, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Quantum Capital Arranges $47 Million Permanent Financing For Platform, Dubbed ‘L.A.’s Hottest Development’ By Vanity Fair

Capital Markets advisory firm Quantum Capital Partners has arranged a 10-year, non-recourse $47 million mortgage to refinance Platform, a 75,000-square-foot, transit oriented, mixed-use project in the popular Hayden Tract district of Culver City on Los Angeles’ Westside.

Developer and owner, Runyon Group will use the proceeds from the financing from Wells Fargo to retire construction debt and equity on the project, which was completed in late 2016.

“Runyon initially tasked us to find them a low-cost floating-rate bridge loan to take out their construction debt and equity.  While marketing the property to our deep network of capital sources, we discovered that there was an appetite from multiple permanent debt lenders for Platform despite the lack of operating history,” said Quantum Managing Director Mike Yim, who arranged the financing with Managing Director Jonathan Hakakha.

“Due to the unique quality of this asset and the successful track record of the sponsor, there was a tremendous amount of interest from lenders, which gave Runyon multiple financing solutions from which to choose,” said Jonathan Hakakha.  “After a thoroughly competitive bidding process, we settled on a 10-year, non-recourse, $47 million mortgage from Wells Fargo.  This financing allowed Runyon to secure maximum permanent loan proceeds at today’s attractive rates before the property reached stabilization.”

The Platform is housed in six buildings across two acres and consists of approximately 40,000 rentable square feet of creative office along with 35,000 rentable square feet of retail and restaurant space. The retail component is 98 percent leased to a complimentary mix of high-end regional and international specialty shops, fashion boutiques, and eateries.  Tenants include Reformation, Magasin, SoulCycle, and a collaboration between Curve and internationally lauded British designer Tom Dixon called The Shop.  Food and beverage providers include Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen, and The Cannibal.  All of the merchants and chefs at PLATFORM are either first to market or doing a unique concept for the space.

The 35,152-square-foot office component is 100 percent leased and is the creative headquarters of Reformation, SoulCycle, digital advertising firm Criteo, and restaurant company Sweetgreen.

Platform is the reimagining of a four-acre 1960s Los Angeles auto dealership adjacent to the Culver City station of Metro’s new Expo Light Rail line, which runs from Downtown Los Angeles to the beach in Santa Monica.

This is Quantum’s fifth assignment from Runyon Group.  The Beverly Hills-based mortgage banking firm has secured over $100 million of capital for Runyon’s various commercial real estate assets.  In the past 90 days, Quantum has completed $201 million in debt financing secured by retail, multifamily, and office properties located in the Western United States.

Quantum capital Development

Related Posts

Early Morning Call From Community Leads to Burglary Arrest in Culver City

November 4, 2024

November 4, 2024

Police Respond To Suspicious Activity Call, Arrest Suspect With Pickaxe Culver City police arrested a man early Friday morning in...

Culver City Police Department is Prepared to Ensure Community Safety During Election Week

November 4, 2024

November 4, 2024

Enhanced Patrols, Activated Emergency Center Ready, Culver City Voting Center is Open The Culver City Police Department has announced an...

Legendary Music Icon Quincy Jones Dies at 91 in Bel Air

November 4, 2024

November 4, 2024

Celebrated Musician, Producer Leaves an Indelible Legacy By Dolores Quintana Legendary musician, music producer, film and television producer, composer of...

Academy of Motion Picture Arts and Sciences Lays Off Longtime Archive and Library Staff

November 4, 2024

November 4, 2024

Downsizing and Restructuring Continue, Affecting Employees with Decades of Service By Dolores Quintana Last week, the Academy of Motion Picture...

LA County Opens 526 New Vote Centers for Early Voting, Announces Conditional Voting for Unregistered Residents

November 3, 2024

November 3, 2024

Metro LA Offers Free Rides on Election Day to Help Residents Get to the Polls Los Angeles County opened an...

New Aviation/Century Station Opens, Linking Metro’s C and K Lines

November 3, 2024

November 3, 2024

Metro’s Newest Station Paves the Way for Future LAX Transit Center The new Aviation/Century Station officially opened this week, marking...

H5N1 Detected in LA County Wastewater, Health Officials Urge Precautions for Residents

November 3, 2024

November 3, 2024

Los Angeles County Investigates Low-Level H5 Avian Flu Detected in Wastewater The Los Angeles County Department of Public Health is...

Two Events in Culver City This Weekend: Bike Registration and Dance Performance

November 1, 2024

November 1, 2024

Put the Brakes on Bicycle Theft and Enjoy an Evening of Dance and Interactive Art The Culver City Police Department...

All You Need to Know to Attend the Dodgers Victory Parade Tomorrow in DTLA

November 1, 2024

November 1, 2024

World Champions and LA’s Team to Greet Angelenos After Win of NY Yankees The Los Angeles Dodgers announced that their...

Beverly Hills City Government Agrees to a Stipulated Judgment After Blocking Abortion Clinic Opening

November 1, 2024

November 1, 2024

City to Implement Training, Oversight on Reproductive Rights Following Legal Settlement  California Attorney General Rob Bonta announced a legal agreement...

Dia De Los Muertos 2024: Here’s Where To Celebrate The Holiday Tradition This Weekend

October 31, 2024

October 31, 2024

Los Angeles Has a Variety of Ways to Explore Latino Culture and Honor Ancestors Starting just after Halloween, Dia de...

(Video) Downtown L.A. Reacts to World Series Victory

October 31, 2024

October 31, 2024

The Dodgers Are World Series Champs For The Eighth Time https://www.tiktok.com/t/ZTFtyDDKn/

Halloween Pre-Game Party Brings Chills and Spooky Thrills to The Rose Venice

October 31, 2024

October 31, 2024

Enjoy Halloween With Festive Cocktails, Appetizers, and a Costume Contest The Rose Venice in Venice is set to host a...

(Video) Something About Her’s First Tea Time Was a Big Hit

October 31, 2024

October 31, 2024

The Next Date is November Third. Beautiful vibes, deciduous food and drink. Don’t miss it. @Something About Her @culvercitywlanews Something...

Something About Her Sandwich Shop Hosts Second Exclusive Tea Time on November 3

October 30, 2024

October 30, 2024

By Dolores Quintana West Hollywood’s Delightful Sandwich Spot by Vanderpump Rules Stars Has Tea Service Something About Her, the adorable...