April 13, 2024 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Ratkovich Company and JPMorgan Secure $41 Million Loan for Culver City Office Development

Project is located near the intersection of Jefferson and Obama Boulevards.

By Dolores Quintana

JP Morgan and the Ratkovich Company bagged a $41 million loan for their recent purchase of the office space in Culver City at 5950 Bowcroft Street as reported by The Real Deal.com through Torrey Pines Bank. 

The loan is a non-recourse loan, which means that the lender would take control of the purchased property in case of a default by the borrowers. While banks have been wary of these types of loans in the current economic climate of high-interest rates and waning property sales, Torrey Pines, a subsidiary of Western Alliance Bank, decided to take the associated risk. 

The complex was purchased in October of 2022 for $49.6 million and contains four buildings that JPMorgan and Ratovich intend to redevelop, hoping that the current tech and entertainment boom in Culver City continues since the property is very close to the offices of Amazon, WarnerMedia, Sony among other tech and entertainment companies. The property also sits about a mile away from Apple’s future 536,000 office campus.  Micheal Friedman and Cushman and Rob Rubano and Brian Share of Wakefield were the ones who negotiated the deal. 

The fact does remain that Culver City’s office vacancy rate is higher than the average in Los Angeles, 26 percent, with a third of all of the city’s office space lying vacant according to Savills.  

The loan has a secured overnight financing rate with a low single-digit spread and the SOFR’s rate was 4.31 percent on January 6, 2023. It is considered an “extremely favorable rate” as quoted by The Real Deal.com. However, this was the rate before the Federal Reserve’s recent interest rate hikes

Related Posts

Registration Now Open for Summer at New Roads

April 12, 2024

April 12, 2024

New Roads School is accepting registration for its summer program, a vibrant selection of classes and camps curated to meet...

CodeREV Inspires Kids to Code

April 12, 2024

April 12, 2024

Budding coders, robotics engineers, game developers, animators and STEM campers are invited to join CodeREV this summer for a memorable...

YMCA Santa Monica: When School Is Out, Camp Is In

April 12, 2024

April 12, 2024

As the Santa Monica-Malibu Unified School District nears its end,  YMCA Santa Monica is setting up for its popular Summer...

Top 4 Party Boat Rentals in San Diego

April 12, 2024

April 12, 2024

Here’s a rundown of the top 4 party boat rentals that will elevate any event to an unforgettable experience: Alana...

Accents Owner Steven Hanna Reflects on Decades Long Legacy

April 12, 2024

April 12, 2024

For 37 years, Accents Jewelry has transcended mere commerce, evolving into a vibrant community, a crucible of creativity, and a...

Discover the Untold Story of Folk-Rock Icon Judee Sill in “Lost Angel” Documentary

April 12, 2024

April 12, 2024

Directors Share Insights into the Life and Legacy of the Enigmatic Musician By Dolores Quintana Have you ever heard of...

O.J. Simpson, Infamous Football Star Accused of Murder, Dies at 76

April 12, 2024

April 12, 2024

Controversial Figure Succumbs to Cancer Shortly After Diagnosis Orenthal James Simpson, a former football player who is best known for...

Lyft Driver Faces Felony Sexual Assault Charges, Passenger Was Traveling Between Weho and Santa Monica

April 11, 2024

April 11, 2024

District Attorney Files Charges Following Allegations by Female Passenger On April 10, Los Angeles County District Attorney George Gascón announced...

Los Angeles General Medical Center Seeks Public’s Help to Identify Patient Found in West LA

April 11, 2024

April 11, 2024

Hospital Appeals for Assistance in Reuniting Unknown Patient with Family The Los Angeles General Medical Center, a public hospital operated...

Get Jokerfied with The People’s Joker Director Vera Drew’s Interview; Film Opens on Friday

April 11, 2024

April 11, 2024

Vera Drew on Crafting a Trans Supervillain and Creating Comedy Chaos By Dolores Quintana The People’s Joker is an explosive...

(Video) The New Menu Experience at Cassia Restaurant in Santa Monica is Delicious

April 11, 2024

April 11, 2024

The Southeast Asian dishes satisfy. Friendly ambiance, flavorful food, subtle cocktails, beer and wine, and scrumptious desserts. @culvercitywlanews The New...

Woman Shares Apocalyptic Messages On Social Media Before Woodland Hills/Culver City Murder-Suicide

April 10, 2024

April 10, 2024

Social Media Posts Precede Tragic Events at Family’s Home and on the 405 Freeway Reports have surfaced that a 34-year-old...

SB 1509 Advances: Malibu Officials Rally Behind Negligent Operator Treatment Bill

April 10, 2024

April 10, 2024

Senator Stern’s Legislation Gains Momentum in Effort to Curb Reckless Driving SB 1509, the Negligent Operator Treatment bill spearheaded by...

Now Enrolling: St. Matthew’s Summer Enrichment Program

April 10, 2024

April 10, 2024

Discover the magic of St. Matthew’s Parish School through their Summer Enrichment Program, offering a timeless summer camp experience infused...

Rolling Robots Camp is a ‘Tech Genius Program’

April 9, 2024

April 9, 2024

Roll out the .. robots.  An afterschool learning center for robotics and STEM is hosting weekly camps this summer designed...