Loan Made for Sanwa Building
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A $75-million acquisition loan has been arranged for the Sanwa Bank Building, a 13-story office structure at Flower Street and Wilshire Boulevard in downtown Los Angeles.
George Smith/Grubb & Ellis Financial Services, which negotiated the transaction, said the first mortgage was made at very competitive rates by the Bank of Nova Scotia, which funded the project within 30 days.
The borrower, Charter-Hendrix Flower Street Associates Co., is a general partnership comprised of Curtis Hendrix, the president of Hendrix Cos. and Charter Realty Group No.1.
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