Cent Banc secures $2.25 million in acquisition financing for NNN single tenant retail in Los Angeles, California
LOS ANGELES, CA – December 8, 2015 – Cent Banc announced today that it has secured bridge financing for the acquisition of a 10,467 square foot, NNN structure leased by Citibank in Los Angeles.
Working on behalf of the borrower, Cent Banc use syndicated funds to facilitate a fast closing. The bridge loan features a step-rate with 12 months of interest only payments. Loan proceeds were used to acquire the property as part of a 1031 Exchange. Cent Banc originated, underwrote and funded the loan in 32 calendar days.
The Citibank is located in the heart of Tarzana on the northeast corner of Tampa Ave. and primary thoroughfare Ventura Blvd, one block south of the 101 Freeway exit ramp. The property features outstanding access and visibility from Ventura Blvd. and the 101 Freeway in one of the San Fernando Valley’s densest locations.
Cent Banc’s debt placement team representing the borrower was led by principal Robert Margolis.
About Cent Banc
Cent Banc is a leading provider of commercial real estate investment banking services, offering clients debt and equity placement and investment sales for most commercial real estate assets including multi family, retail, industrial, and all types of construction. For more information please visit centbanc.com or follow Cent Banc on Twitter @CentBanc.