Bank of America has provided Stream Realty Partners with a $49m loan for the acquisition of Pacific Center, an eight-story, 302,628 sq ft, Class A office building in Torrance, California.
The deal carries a 73% loan-to-value based on the $67.1m purchase price.
The eight-story building is located at 21250 Hawthorne Boulevard on a 7.3-acre site close to Interstates 405 and 110, the Los Angeles International Airport and Long Beach Airport.
Built in 1988, Pacific Center underwent renovations in 2013 to its landscaping, outdoor amenities, elevators and interior corridors. It is 80 percent leased to a number of bank and financial tenants including Wells Fargo, PNC Bank, Morgan Stanley, as well as the lender on the deal, Bank of America.
“The quality of the asset combined with strong fundamentals in the market made the debt placement a smooth process,” said Stream Realty Partners’ Colby Annett.
HFF arranged the financing.