June 27, 2016— Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $42.565 million in financing for 465 North Halstead, a 238,205-square-foot creative office building in Pasadena, California.
Working on behalf of the borrower, a partnership between EverWest Real Estate Partners and The Rhône Group, HFF placed the five-year, floating-rate loan with Bank of America. Loan proceeds were used to acquire the property. The loan has two, one-year extension options.
465 North Halstead is situated on a 9.6-acre site in the Tri-Cities area of Los Angeles, home to JPL, Caltech, the Art Center College of Design and multiple Fortune 500 companies. With a Walk Score© of 77, the property is within walking distance of numerous retailers, more than 50 restaurants and the Sierra Madre Metro Gold Line station providing access to downtown Pasadena, downtown Los Angeles and the entire San Gabriel Valley. Recently renovated in 2015, 465 North Halstead features 12’ plus ceiling heights, polished concrete floors, private entrances, high-speed fiber optic connections and collaborative outdoor space. Eight tenants occupy the 89-percent-leased property including Giant Magellan Telescope, Community Bank, Sierra Lobo and OeWaves.
The HFF debt placement team representing the borrower was led by senior managing director Eric Tupler and director Marc Schillinger.
[button href=”https://www.hfflp.com/media-center/press-releases/142287/hff-arranges-42-565-million-in-financing-for-los-angeles-area-creative-office-bu.aspx” style=”emboss” size=”medium” color=”#000000″ target=”_blank”]Source: HFF[/button]