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Quantum Capital Arranges $47 Million Permanent Financing For Platform, Dubbed ‘L.A.’s Hottest Development’ By Vanity Fair

Capital Markets advisory firm Quantum Capital Partners has arranged a 10-year, non-recourse $47 million mortgage to refinance Platform, a 75,000-square-foot, transit oriented, mixed-use project in the popular Hayden Tract district of Culver City on Los Angeles’ Westside.

Developer and owner, Runyon Group will use the proceeds from the financing from Wells Fargo to retire construction debt and equity on the project, which was completed in late 2016.

“Runyon initially tasked us to find them a low-cost floating-rate bridge loan to take out their construction debt and equity.  While marketing the property to our deep network of capital sources, we discovered that there was an appetite from multiple permanent debt lenders for Platform despite the lack of operating history,” said Quantum Managing Director Mike Yim, who arranged the financing with Managing Director Jonathan Hakakha.

“Due to the unique quality of this asset and the successful track record of the sponsor, there was a tremendous amount of interest from lenders, which gave Runyon multiple financing solutions from which to choose,” said Jonathan Hakakha.  “After a thoroughly competitive bidding process, we settled on a 10-year, non-recourse, $47 million mortgage from Wells Fargo.  This financing allowed Runyon to secure maximum permanent loan proceeds at today’s attractive rates before the property reached stabilization.”

The Platform is housed in six buildings across two acres and consists of approximately 40,000 rentable square feet of creative office along with 35,000 rentable square feet of retail and restaurant space. The retail component is 98 percent leased to a complimentary mix of high-end regional and international specialty shops, fashion boutiques, and eateries.  Tenants include Reformation, Magasin, SoulCycle, and a collaboration between Curve and internationally lauded British designer Tom Dixon called The Shop.  Food and beverage providers include Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen, and The Cannibal.  All of the merchants and chefs at PLATFORM are either first to market or doing a unique concept for the space.

The 35,152-square-foot office component is 100 percent leased and is the creative headquarters of Reformation, SoulCycle, digital advertising firm Criteo, and restaurant company Sweetgreen.

Platform is the reimagining of a four-acre 1960s Los Angeles auto dealership adjacent to the Culver City station of Metro’s new Expo Light Rail line, which runs from Downtown Los Angeles to the beach in Santa Monica.

This is Quantum’s fifth assignment from Runyon Group.  The Beverly Hills-based mortgage banking firm has secured over $100 million of capital for Runyon’s various commercial real estate assets.  In the past 90 days, Quantum has completed $201 million in debt financing secured by retail, multifamily, and office properties located in the Western United States.

Quantum capital Development

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