Dealmaker: Pacific Southwest/Quantum Capital Arrange $24M in Los Angeles

A developer operating as 1400 Fig LLC broke ground on a Los Angeles mixed-use development after receiving a $23.6 million construction loan from Opus Bank, Irvine, Calif.

Quantum Capital Partners Co-founder and Managing Director Jonathan Hakakha and Pacific Southwest Realty Service Vice President Mike Tanner arranged the loan.

Hakakha said the three-year interest-only variable-rate financing includes two six-month extension options and priced at 3.50 percent above LIBOR with a 4.00 percent floor.

Located across from the Los Angeles Convention Center and two blocks south of L.A. Live and Staples Center, the seven-story mixed-use development named 1400 Figueroa will deliver in Spring 2018. It will include 110 Class A apartment units over 1,400 square feet of ground-floor retail with two levels of subterranean parking.

Hakakha said Quantum Capital and PSRS worked side-by-side to underwrite the financing. After a marketing campaign, the two firms placed the financing with Opus, which aggressively underwrote the property’s pro-forma net operating income and the sponsor’s significant imputed equity in the asset.