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Joel Schreiber Secures $40M Loan On 445 South Figueroa Street Office In LA

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FINANCED
$40,000,000

California

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Office701,000 SF
Financed 04/11/2024
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Property Image
FINANCED

Joel Schreiber Secures $40M Loan On 445 South Figueroa Street Office In LA

445 South Figueroa Street

See Similar Deals
Office701,000 SF
Financed 04/11/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$57
Total Square Footage:701,000 SF
Transaction Type:Loan

The office tower located at 445 South Figueroa Street in Los Angeles spans 701,000 square feet. Joel Schreiber acquired the property for $110 million in March 2023.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $40,000,000
  • Lender: Don Hankey - Hankey Capital
  • Landlord: Joel Schreiber

Joel Schreiber successfully paid off over $35 million of a $75 million loan from Hankey Capital on his Union Bank Plaza building in Downtown Los Angeles to secure an extension on the debt. The details of the new loan terms and any personal guarantees remain undisclosed.

Players

Hankey Capital
Hankey Capital
LENDER

Details

FINANCED
IMAGE: Don Hankey & Joel Schreiber DATE: 04/11/2024 ADDRESS: 445 South Figueroa Street MARKET: Los Angeles ASSET TYPE: Office ~ SF: 701,000 LENDER: Don Hankey (@DonHankey) - Hankey Capital LANDLORD: Joel Schreiber LOAN AMOUNT: $40,000,000 NOTE: Joel Schreiber successfully paid off over $35 million of a $75 million loan from Hankey Capital on his Union Bank Plaza building in Downtown Los Angeles to secure an extension on the debt, after the loan's maturity this month. Schreiber now holds a $40 million loan on the office tower, purchased for $110 million in March 2023, with details of the new loan terms and personal guarantees remaining unclear.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$40,000,000.00

Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00