Beverly Hills Saks Fifth Avenue site secures $ 20 million loan
Simon Property Group Inc. owns the Wilshire Boulevard building in Saks.
The Beverly Hills property housing a Saks Fifth Avenue department store has received a $ 20 million loan to recapitalize. The loan was made by one of the mortgage bank life insurance company Gantry’s lenders. The borrower of the 25-year loan was not disclosed, but records indicate that Simon Property Group Inc. owns the building at 9600 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 disruption of the Covid downturn,” Turnbull said in a statement. “However, Gantry continued to identify viable financing options for commercial property owners during this time.” “This has provided our clients with access to attractive long-term capital in this historically low interest rate environment. With consumers returning to more normal buying habits now that immunization programs are in full swing, Gantry expects to see more lenders willing to compete for retail assets at attractive rates and terms. borrowers, ”he added. Despite the pandemic, there were big retail sales in Los Angeles last year. One of the larger ones was nearby at 457-459 Rodeo Drive. Reuben Brothers bought 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 Moët Hennessy-Louis Vuitton has bought several businesses in the region in recent years and plans to develop an ultra-luxury hotel in the region. And Bardia & Michael Anvar bought 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.
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