January 28, 2022 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

Local Stakeholders React to Bonin’s Decision Not to Seek Reelection

January 27, 2022

January 27, 2022

Allies and opponents of City Councilmember Mike Bonin weigh in  By Sam Catanzaro Los Angeles City Councilmember Mike Bonin’s decision...

Rooftop LAX Views at New Bar and Restaurant

January 27, 2022

January 27, 2022

Hyatt House LAX now open By Dolores Quintana A new bar and restaurant has opened with rooftop views of LAX. ...

Bonin Drops Out of City Council Race

January 26, 2022

January 26, 2022

Councilmember cites chronic depression in Wednesday announcement By Sam Catanzaro Los Angeles City Councilmember Mike Bonin has announced that he...

Current Progress of Permanent Veteran Housing on The West LA VA Campus

January 26, 2022

January 26, 2022

VA representatives give a tour of the current progress and future plans for permanent veteran housing on the West LA...

Message from CCUSD Superintendent Following Week of Canceled Classes

January 25, 2022

January 25, 2022

The following is a January 24 message from Culver City Unified School District Superintendent Quoc Tran in relation to schools...

City Breaks Ground on Water Self-Sufficiency Project

January 24, 2022

January 24, 2022

City Representative Sunny Wang explains what the new improvements to the Arcadia Water Treatment Plant will mean for local residents..Video...

Six Story Mixed-Use Apartment Building Approved in Palms

January 21, 2022

January 21, 2022

Project to replace building that went up in flames on Venice Boulevard By Dolores Quintana After five years (and a...

Westside Home Prices Rising?

January 21, 2022

January 21, 2022

Redfin report shows 11.1 percent increase in median home prices By Dolores Quintana Are Westside home prices rising?  On the...

Baldwin Hills Man Pleads Guilty to Luxury Car Fraud

January 21, 2022

January 21, 2022

Geoffrey Eldridge Hull Pleads Guilty to Criminal Charge for Fraudulently Obtaining Luxury Cars from Victims Who Wanted Out of Their...

Kristin Crowley Nominated as L.A.’S First Female Fire Chief

January 20, 2022

January 20, 2022

Ralph Terrazas announces retirement By Sam Catanzaro Officials this week announced that Fire Chief Ralph Terrazas will retire after nearly...

Culver City Getting New Wine Store

January 19, 2022

January 19, 2022

Total Wine & More coming to Culver City By Dolores Quintana Culver City is getting a new wine shop.  Total...

Arrest Made in Murder of Brianna Kupfer

January 19, 2022

January 19, 2022

Shawn Laval Smith in police custody By Sam Catanzaro Police have arrested a man suspected of the murder of Brianna...

Police ID Suspect Wanted for Murder of Brianna Kupfer

January 19, 2022

January 19, 2022

UPDATE: Shawn Laval Smith, the suspect responsible for the murder of Brianna Kupfer is in custody, after being located and...

LA City Clerk Fails to Verify Enough Signatures to Allow Bonin Recall to Move Forward

January 19, 2022

January 19, 2022

Final tally 1,350 signatures short of required amount  By Dolores Quintana The group that attempted to recall Los Angeles City...