REAL ESTATE

Berkadia arranges financing for Santa Monica center

BY Michael Fickes

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.

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REAL ESTATE

RKF expands headquarters office

BY Michael Fickes

New York— RKF has announced that it will lease the entire seventh floor of 521 Fifth Avenue in midtown Manhattan. CBRE and Platte, Klarsfeld, Levine & Lachtman advised RKF on the lease expansion.

With the expansion RKF will occupy 20,987 sq. ft., roughly 30% more space than the current lease. The expansion will enable the firm to increase its ranks by 25%.

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REAL ESTATE

Carrabba’s inks deal for Venice, Florida, restaurant

BY Michael Fickes

Venice, Fla. — Carrabba’s Italian Grill has signed a long-term ground lease for a 1.31-acre outparcel in the parking lot of the Lowe’s Home Improvement store in Venice, Florida. Carrabba’s plans to begin the construction of a new restaurant immediately, with the grand opening slated for late this year.

RMC Property Group owns the outparcel, having recently purchased it from Lowe’s. RMC created the outparcel by carving out a portion of the existing Lowe’s parking field. The development of the outparcel was a complex process that required entitling the outparcel through Sarasota County and obtaining modifications to several reciprocal easement agreements that encumbered the property.

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