Finding financing.Madison Partners continues to expand into financing sales of commercial buildings that the Century City firm has been brokering. The firm began assisting clients with financing two-and-a-half years ago. By the end of 2005, Madison Partners will have put together financing in excess of $600 million, compared with $100 million worth of loans in its first year. "We got into the financing business because we can provide that service at a high level," said Madison Partners principal Bob Safai. "And a lot of times our clients are better off refinancing Refinancing An extension and/or increase in amount of existing debt. their asset rather than selling it." Madison is in a field that includes other brokerages that offer financing, such as Eastdil and Secured Capital Corp.--which recently agreed to a merger. Recently, Madison Partners completed financing worth $50.6 million on two transactions it brokered that sold for $64.8 million. The firm first financed $32 million for the Lakes at West Covina--a 15-year-old office park that is a premiere East San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. property--when it was owned by West Covina West Covina, city (1990 pop. 96,086), Los Angeles co., S Calif., in the San Gabriel valley; settled 1905, inc. 1923. Before World War II, West Covina was a small rural community where walnuts, wheat, and livestock were raised. Lakes Associates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Then, in an off-market deal, West Covina Lakes Associates sold the complex to Culver cul·ver n. A dove or pigeon. [Middle English, from Old English culufre, from Vulgar Latin *columbra, from Latin columbula, diminutive of columba, dove.] City-based Ten West Associates LLC for $40 million. The Lakes at West Covina consists of two buildings comprising 174,000 square feet that sit on a 6.16-acre campus with landscaping that includes a pyramid, a lake and "dancing" fountains. The financing completed prior to the sale allowed the seller to maximize the value of the property and maximize the buyer's returns, said Safai. In a separate deal, Madison Partners arranged $18.6 million financing for the $24.8 million sale of the four-building Nordhoff Industrial Complex in Chatsworth. Private real estate investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. Jerry Katell sold the industrial park to L.A.-based Palisades Palisades, cliffs along the west bank of the Hudson River, NE N.J. and SE N.Y., extending from N of Jersey City, N.J., to the vicinity of Piermont, N.Y., with a general altitude of from 350 ft to 550 ft (107–168 m). Investors LLC. The complex, located at 25000, 20550, 20640, and 20670-20680 Nordhoff St., consists of four buildings containing 184,700 square feet on a 9.6-acre campus. The property is 100 percent leased. The buildings were completed between 1978 and 1980, and the complex contains 482 parking spaces. Staff reporter Andy Firmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com. |
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