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Uncommon Developers Secures $150M Acquisition Loan From Barings And Nuveen For Figueroa At Wilshire

Property Image
FINANCED
$150,000,000
MF
William (Bill) Huffman
Ryan Hekmat
+ 1

California

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Office
Financed 06/13/2025
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Property Image
FINANCED

Uncommon Developers Secures $150M Acquisition Loan From Barings And Nuveen For Figueroa At Wilshire

601 South Figueroa Street

See Similar Deals
Office
Financed 06/13/2025
MF
William (Bill) Huffman
Ryan Hekmat
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Transaction Type:Loan

The asset involved in this transaction is the Figueroa at Wilshire tower, located at 601 South Figueroa Street in Los Angeles. This office property was acquired for a total of $210 million. The acquisition financing secured amounts to $150 million, provided by Barings and Nuveen.

Summary of transaction details:

Uncommon Developers, represented by Ryan Hekmat and Jason Larian, secured financing for the property from Mike Freno of Barings and Bill Huffman of Nuveen. The lenders had previously financed the property for Brookfield over a decade ago. Specific loan terms related to this acquisition were not disclosed.

Players

MF
Barings
Mike Freno
15 deals$1.9B volume
LENDER
William (Bill) Huffman
Nuveen
William Huffman
24 deals$2B volume
LENDER
Nuveen
Nuveen
LENDER
Barings
Barings
LENDER
Ryan Hekmat
Uncommon Developers
Ryan Hekmat
3 deals$405M volume
LANDLORD
JL
Uncommon Developers
Jason Larian
3 deals$405M volume
LANDLORD
Uncommon Developers
Uncommon Developers
LANDLORD

Details

FINANCED
IMAGE: Bill Huffman, Ryan Hekmat, Jason Larian & Mike Freno DATE: 06/13/2025 ADDRESS: 601 South Figueroa Street MARKET: Los Angeles ASSET TYPE: Office LENDER: Mike Freno - Barings; Bill Huffman - Nuveen (@Nuveeninv) LANDLORD: Ryan Hekmat (@RyanHekmat) & Jason Larian - Uncommon Developers (@UncommonDevelopers)
 LOAN AMOUNT: $150,000,000 LOAN TYPE: Acquisition NOTE: Uncommon Developers secured approximately $150M in acquisition financing from Barings and Nuveen for its $210M purchase of the Figueroa at Wilshire tower in downtown L.A. The lenders previously financed the property for Brookfield over a decade ago, though specific loan terms were not disclosed.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$150,000,000.00

Monthly NOI$1,000,000.00
Monthly Debt Service$948,102.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00