Deutsche Bank Provides $16M Loan For Retail Property In LA's Arts District

The retail property located at 833 E. 3rd St in the Arts District of LA has been involved in a recent transaction. The property, spanning 27,000 square feet, was subject to a loan deal. Deutsche Bank provided a loan amount of $16,000,000 to the property owner, Parallel Acquisitions. The loan terms span a period of 10 years.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $16,000,000
• Date: 09/28/2018
• Address: 833 E. 3rd St
• Market: Arts District
• City: LA
• Square Footage: 27,000

In addition to the loan transaction, it is worth noting that Parallel Acquisitions has invested $5 million in renovations for the bow-truss warehouse. The building, which was constructed in 1930, is currently fully leased. Among the tenants are Hong Kong-based art gallery Over the Influence, fashion boutique H. Lorenzo, luxury retailer Shinola, ice cream shop Salt and Straw, Japanese cuisine spot Inko Nito, and a restaurant by Instagram star "Salt Bae," the alter ego of Turkish restaurateur Nusret Gökçe. (LABJ)