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$28,539,229 Acquisition, CapEx & TI/LC Financing
Los Angeles, CA | October 2018
Thorofare Capital has funded a $28,539,229 Institutional Loan for the acquisition, renovation and lease-up of The Desmond.
The Desmond is an 11-story, approximately 79,000-square-foot office and retail building in the Miracle Mile district of Los Angeles. The building offers approximately 28,000 square feet of ground floor retail space, approximately 51,000 square feet of office space on the upper floors, and 67 parking spaces.
Located at 5500 Wilshire Boulevard, the Art Deco building spans a full city block between S. Burnside Avenue and S. Dunsmuir Avenue.
Thorofare provided a competitively-priced 5-year, floating rate, non-recourse, interest-only loan with a future funding facility.
The Desmond is centrally located to Beverly Hills, West Hollywood, Hollywood, and Korea Town. The property has strong access to the many public transportation lines operating on Wilshire Boulevard, a primary east – west regional connector in Los Angeles and is four blocks from the La Brea/Wilshire station of the new Purple Line Metro Subway scheduled to be completed in 2023.
The sponsor is a Los Angeles-based real estate and infrastructure owner, operator and lender.