Updated Oct 29, 2026
Capstone Equities And Elysian Housing Secure $75 Million Construction Loan For Pasadena Office Conversion
600 North Rosemead Boulevard
$75,000,000
$1,803/SF
Building Size
41,586 SF
Asset Type
Office
Closing
Oct 29, 2026
About this deal
AI
600 North Rosemead Boulevard is an office building located in Pasadena, CA, with a total square footage of 41,586. Capstone Equities and Elysian Housing have secured a construction loan of $75,000,000 from Citibank NA to convert this property into 133 income-restricted apartments. The total project cost is $101.6 million and will feature fully affordable housing, with construction projected to be completed by November 2029.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $75,000,000
- Loan Type: Construction
- Lender: Citibank NA
- Landlord: Joshua Zamir - Capstone Equities; Elysian Housing
Key players in this transaction include Joshua Zamir, representing Capstone Equities, and Elysian Housing, involved in the development project. The conversion of ZK Plaza into income-restricted housing will consist of 51 units from the office conversion and 82 units in a new five-story building.
On the Map
$75,000,000
$1,803/SF
Office
View full map
Players
Pasadena Office Market Snapshot
Boundary boundary · Office · Loan transactions
Loading comparables…
Deal FAQ
Visit Joshua Zamir to view all their deals.
Browse Pasadena office loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93