LOS ANGELES — iBorrow, a private direct lender for commercial real estate, has provided a $10 million refinance loan on the historic Pacific Stock Exchange Building, located at 618 Spring Street in Downtown Los Angeles. The borrower will use the loan proceeds to recapitalize the partnership and to improve the upper floors of the property into creative office space.
Constructed in 1929, the iconic building includes 14 floors above ground (which includes three floors with outdoor terraces) as well as a basement level.
The borrower plans to spend approximately $2 million on upgrades, developing the office floors into “plain vanilla shells” that will allow each unit to be customized for the incoming subtenant. In addition to office space, the property is also occupied by the Exchange LA night club, which is widely considered to be among the most successful night clubs in the United States.
“This is a well-known and irreplaceable historic asset in the heart of downtown Los Angeles, a robust submarket with tremendous potential,” said Brian Good, CEO of iBorrow. “The borrower has successfully owned, developed and managed numerous downtown Los Angeles office buildings. This combination of factors made this loan a compelling one for iBorrow.”