CFG Arranges Financing on 74,000 SF Office Property in West LA, CA
Los Angeles, CA, March 30, 2012 – Continental Funding Group (CFG), a Los Angeles-based commercial real estate investment banking firm, successfully placed the refinance of a 74,000 SF multi-tenant office property (The Gardens) in West Los Angeles, California. J.M. Grimaldi, Director of CFG, and Eric Hamermesh, Senior Vice President of George Smith Partners, co-brokered the transaction.
The Gardens is a three-story courtyard office complex located at 2001 South Barrington Avenue, just North of Olympic Boulevard. Tenant and guest parking is provided by an adjacent 62,000 SF four-level structure with an estimated parking ratio at 2.6/1000 SF of building.
Commenting on the transaction, Grimaldi said, “Our diligent underwriting on the frontend of the transaction and firm understanding of our client’s financial objectives enabled us to achieve a debt structure that exceeded everyone’s expectations.” He added that, “We were able to adhere to the client’s deadlines and structure the transaction so that the sponsor didn’t have to come up with any extra cash.”
Built in 1978, The Gardens sits in the midst of some of the wealthiest neighborhoods in the nation, where demand for space has historically been strong. Many professional practices and high-margin firms in finance sectors, software, entertainment and digital media traditionally seek out available space though current occupancy is at 100%.
Continental Funding Group, founded in 2006, is a leading commercial real estate investment banker providing capital markets insight and creative financing strategies tailored to suit the needs of its clients and the unique characteristics of their properties.