Recent Deals
» $5.1 Million Loan Closes for Pacific Towers Office Building
Property Description:
Pacific Tower Office Building and Restaurant, Long Beach, CA
Avatar Financial Group announced the funding of a $5.1 million loan for the office building. The loan was made in conjunction with an additional loan for a hotel property being converted into condos. By collateralizing both properties, the owners generated sufficient working capital to proceed with the renovation of a hotel property and conversion into condos.
The Pacific Tower Office Building enjoys historical status, bestowed by the City of Long Beach. It was the first twelve-story office building in Long Beach when built in 1923, and was the first "Own-Your-Own" office building in the United States. The biuilding is designed in the Renaissance Revival style, the prestigious architectural style of the mid-twenties for major commercial buildings, hotels, and other significant structures. It remains one of the most prominent and handsome buildings in downtown Long Beach.
Located in downtown, LA, the properties are benefitting from the rejuvenation of the area. Where banks saw only current and past conditions of the area, Avatar was able to look at the property's current value and at the viability of the use of funds. Avatar saw the value and funded the loan.
