Square Mile Capital Management has made its first whole loan on the West Coast.
The firm has originated the $34.7 million whole loan for the acquisition of 100 West Broadway in Long Beach, California.
The loan funds the acquisition of the property, planned capital and tenant improvements, and leasing commissions.
100 West Broadway is a six-story, 209,882 sq ft office property. It consists of two office towers connected by a two-story atrium, a large outdoor courtyard, and a six-story onsite parking structure.
“100 West Broadway is a well-located property with considerable potential that can be realized with the help of strategic capital deployment,” Square Mile managing director Charles Ochman said.
“We have confidence that ownership will do a good job of realizing that potential. [As] our first whole loan on the West Coast and we will look for additional opportunities.”
Among recent deals, early last month, Square Mile Credit Partners, an investment fund managed by Square Mile Capital Management, originated a $26.8 million first mortgage loan for Penrose Plaza in Philadelphia’s southwest submarket.