LOS ANGELES, Calif. –– Berkadia announced today the financing of Land Rover Los Angeles, a state-of-the-art automotive dealership and service center located in Los Angeles, California. Managing Directors Keith Rosso and George Spadier, and Associate Director Jeremy Kanter of Berkadia Los Angeles secured $26 million in financing through Grant Street Funding on behalf of a private Beverly Hills based partnership. The deal closed on September 8.
The full-term interest-only fixed-rate loan refinanced an existing bank loan and returned equity to ownership.
“Due to the exceptional infill location and tenant strength, we obtained several competitive financing proposals, despite the specialty automotive use,” said Rosso. “Grant Street Funding was ultimately selected due to their ability to lock rate at application and their non-recourse interest-only execution.”
Located at 420 S. La Brea Avenue, the recently renovated property is situated on more than two acres and is located across from Target and two blocks north of the Wilshire/La Brea Metro station slated to open in 2024.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.