Lionstone Secures $57M Refi for Santa Monica Assets
HFF arranged a 15-year, fixed-rate refinancing and floating-rate loan through Principal Real Estate Investors, for two mixed-use and two office assets in Santa Monica.
By IvyLee Rosario
625 Arizona Ave., Santa Monica, Calif.
Lionstone Investments has secured $57.2 million in financing for two mixed-use and two creative office properties in Santa Monica, Calif. HFF worked on behalf of Lionstone to arrange a 15-year, 3.7 percent, fixed-rate refinancing and 15-year, floating-rate loan through Principal Real Estate Investors.
The four assets are located at 401 Santa Monica Blvd., 1347 4th St., 625 Arizona Ave. and 2415 Michigan Ave. Situated in the heart of Santa Monica, the buildings are in close proximity to Interstate 10, Santa Monica Airport and within walking distance of the 26th/Bergamot Expo Line station and Third Street Promenade.
401 Santa Monica and 1347 4th St. total 50,000 square feet of creative office space and about 20,000 square feet of retail. Tenants include Air Map Inc., Sweetgreen, Bedford Falls Co. and Bolthouse Farms. 625 Arizona offers 17,600 square feet of single-tenant office space, which is currently leased to Picture Head. Lastly, 2415 Michigan comprises 39,989 square feet of creative office space and is leased to Headspace, Mistress Creative and Shade VFX.
Managing Director Mark Wintner of HFF worked on behalf of the buyer. The company previously worked on behalf of Lionstone to arrange a $123.2 million refinancing loan for Frost Bank Tower, a trophy office building in Austin.
Image courtesy of Google Street View
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