The loan was originated by one of mortgage banking firm Gantry’s life insurance company lenders.
The borrower of the 25-year loan was not disclosed for the building at 9634 Wilshire Blvd., near Rodeo Drive.
Gantry’s Braden Turnbull and Josh Natker arranged the loan.
“Retail is an asset class that has suffered from substantial uncertainty during the intense disruptions of the Covid-downturn,” Turnbull said in a statement. “However, Gantry has continued to identify viable financing options for retail property owners during this time.”
“This has allowed our clients to access attractive long-term capital in this historically low interest rate environment. With the return of consumers to more normal shopping patterns now that vaccination programs are in full swing, Gantry expects to see more lenders willing to compete for retail assets at rates and terms attractive to borrowers,” he added.
Despite the pandemic, there were some big retail sales in L.A. last year.
One of the biggest was nearby at 457-459 Rodeo Drive. Reuben Brothers purchased the property from Crown Equity and Ascendant Capital Partners for $122 million.
Also in Beverly Hills, LVMH Moet Hennessy-Louis Vuitton Inc. purchased a retail site at 449-453 N. Beverly Drive from B&A Management Corp. for $30 million.
LVMH Moet Hennessy-Louis Vuitton has purchased a number of retail properties in the area in recent years and has plans to develop an ultra-luxury hotel in the area.
And Bardia & Michael Anvar purchased an 18,000-square-foot retail site at 211 S. Beverly Drive from American Commercial Equities for $24 million. It was vacant at the time of the sale, according to CoStar Group Inc.
For reprint and licensing requests for this article, CLICK HERE.