IPA Capital Markets, a division of Marcus & Millichap, arranged the $26.5-million financing of a 76,755-square-foot, Class-A industrial building located at 8631 Hayden Pl. in Culver City.
The Manhattan-based IPA Capital Markets team of Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen secured the financing with First Citizens Bank on behalf of a Los Angeles-based real estate investment, operating and development company with over $10 billion in assets under management.
“It was a pleasure working with the sponsor to secure financing,” said Hulsh. “Our team successfully arranged bridge financing at 65% loan-to-value for a transitional industrial property, pricing in the 200s over SOFR with a floor of 1.50%. We’re seeing increasingly competitive rates driven by factors such as more efficient back leverage, newly raised funds, and heightened competition.”
The post Culver City Industrial Secures Bridge Financing appeared first on Connect CRE.
