New York — The New York office of Berkadia Commercial Mortgage recently arranged $17.5 million in financing for 631 Wilshire Boulevard, a mixed-use property in Santa Monica, California. The borrowers are Pacshore Partners and GreenOak Real Estate.
The two-year loan came through Berkadia’s proprietary bridge lending program. It features two extension options for one year, a 65% loan-to-value ratio and a 75% loan-to-cost ratio.
Built in 1958, the four-story building comprises more than 40,000 sq. ft. of office and retail space. Tenants include J.P. Morgan Chase Bank and Mendocino farms.