Quantum Arranges $34M Refi for City National Bank Bldg

Quantum Capital Partners has arranged a long-term, fixed-rate loan to refinance the City NationalBank Building at 606 S. Olive St. in Los Angeles, CA.

Jonathan Hakakha and Mike Yim, managing directors with Quantum Capital Partners arranged thefinancing on behalf of the borrower. The loan, which carries a 15-year, interest-only term, 30-yearamortization schedule, and a fixed rate at 3.5 percent, was placed with John Hancock Life InsuranceCompany.

"In October 2014, we were tasked to secure a loan that could not close until May, 2015," saidHakakha. "Usually, we're asked to close a loan as quickly as possible. With 606 Olive, it was theopposite. We identified a life company in John Hancock willing to offer a five-month forward ratelock in December so the borrowers could avoid the risk of rising interest rates, and then close on theloan in May avoiding the prepayment penalty."

Built in 1967, the 25-story office building was renovated in 2006 which updated the elevator systemsand cabs, as well as the new lobby and security systems. The borrower acquired the office buildingin 2003 for $33.5 million, according to CoStar Group data.

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