{"id":38974,"date":"2024-06-28T07:41:16","date_gmt":"2024-06-28T04:41:16","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=38974"},"modified":"2025-03-25T14:23:41","modified_gmt":"2025-03-25T11:23:41","slug":"harbor-associates-secures-refinancing-of-formerly-distressed-westwood-office","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/harbor-associates-secures-refinancing-of-formerly-distressed-westwood-office\/","title":{"rendered":"Harbor Associates Secures Refinancing of Formerly Distressed Westwood Office"},"content":{"rendered":"

Just six months after acquiring a distressed office building in Westwood, Calif., through a deed-in-lieu of foreclosure, Harbor Associates and F&F Capital Group secured a $36.3 million refinancing loan from Argentic Real Estate Finance. The five-year loan with a fixed interest rate of 7.5% will be used to pay off existing debt on the 158,000-square-foot property located 1640 Sepulveda Blvd. The package will be included in a commercial mortgage-backed securities deal and sold to investors.<\/p>\n

Previously, a Goldman Sachs-led venture acquired the building in 2018 for $92.5 million. The transaction was financed through loans issued by The Northern Trust Company ($32 million) and JPMorgan Chase Bank ($45 million). Harbor then acquired the loan held by JPMorgan Chase Bank in December 2023.<\/p>\n

To avoid a lengthy foreclosure process, the previous owner, Ocean West Capital Partners (which had continued to hold stake in the property after its sale), transferred ownership to Harbor and Bascom via a deed-in-lieu of foreclosure in December 2023. This move relieved Ocean West of $60.7 million worth of debt.<\/p>\n

At that time, the building was only 66% occupied and facing declining income. Following its acquisition of the property, Harbor and Bascom moved swiftly to stabilize the building\u2019s revenue stream by successfully leasing an additional 18,500 square feet to bring the occupancy rate to 77%. Shout! Factory and Therabody are currently the largest tenants, each leasing roughly 15,000 square feet.<\/p>\n

Are you looking for office space for rent? Select any market from the list of locations linked below or visit the\u00a0<\/em>CommercialCafe.com<\/em><\/a>\u00a0home page to start your search!<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
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Harbor Associates and F&F Capital Group secured a $36.3 million refinancing loan from Argentic Real Estate Finance. The five-year loan with a fixed interest rate of 7.5% will be used to pay off existing debt on the 158,000-square-foot property located 1640 Sepulveda Blvd. <\/p>\n","protected":false},"author":56,"featured_media":38975,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-38974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nHarbor Associates 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