The building commonly known as the May Co. Garage Building, which is owned by Beverly Hills-based Markwood Enterprises, sits at 900 S. Hill St. and dates back to 1926. Standing six stories high, it consists of 422 parking spaces across three levels of underground parking in addition to ground-level retail space.
San Diego-based bridge lender and debt fund manager Wilshire Quinn Capital’s Wilshire Quinn Income Fund provided the financing.
The company funded the loan in less than 10 days.
“The fundamental element of our bridge lending platform is speed,” Christopher Garcia, chief executive of Wilshire Quinn, said in a statement. “Our borrowers don’t have time for delayed closings with traditional lenders. Once we’ve quickly determined that a borrower’s goals align with ours, we take immediate action to fund their loan, without the aggravation and uncertainty associated with the typical commercial loan process.”
It isn’t the only recent loan Wilshire Quinn Capital has provided for a downtown property.
In September, the company announced it provided a $10 million loan to a 68,000-square-foot parking lot adjacent to Staples Center. The property consists of 175 parking spaces and is operated by University Park-based Shamrock Parking Inc.
“Parking lots in dense metropolitan areas, which have historically been a strong asset class, have come under pressure during Covid as their revenues have decreased,” Garcia said in a statement at the time. “As a result, traditional lenders have shied away from offering loans on these types of properties. We feel that lending on prime parking assets, at conservative loan-to-value ratios, will continue to result in solid returns for our fund.”
The parking lot near Staples Center, which is now owned by Criscione-Meyer Entitlement, was acquired in September. It is going to be entitled for a large parking structure.
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