{"id":1004185262,"date":"2017-07-27T03:38:28","date_gmt":"2017-07-27T11:38:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004185262"},"modified":"2022-12-06T17:53:15","modified_gmt":"2022-12-07T01:53:15","slug":"olive-hill-receives-creative-office-financing-in-la","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/","title":{"rendered":"Olive Hill Receives Creative Office Financing in LA"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004185269\" style=\"width: 365px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004185269\" data-attachment-id=\"1004185269\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/office-building-800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Office building 800&#215;620\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004185269 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building.jpg\" alt=\"200-300 Corporate Pointe\" width=\"355\" height=\"275\" \/><\/a><p id=\"caption-attachment-1004185269\" class=\"wp-caption-text\">200-300 Corporate Pointe<\/p><\/div>\n<p>Olive Hill Group has obtained $41 million in fixed-rate refinancing for its Courtyard at Culver Pointe, a Class A creative office campus at 200-300 Corporate Pointe in the Culver City submarket of Silicon Beach.<\/p>\n<p>Los Angeles-based Olive Hill had acquired the property for $65.6 million in May 2016, subsequently rebranding it and launching a <a href=\"https:\/\/www.commercialsearch.com\/news\/two-corporate-pointe-office-buildings-acquired-by-olive-hill-group\/\">major redevelopment<\/a>. The latter will include upgraded seating areas throughout the courtyard, food truck loading zones, a bocce ball court and a new on-site gym, among other amenities.<\/p>\n<p>Since acquiring the property, Olive Hill added to its tenant roster Ipsos Insight, a global market research and consulting firm, and Omnia Media, a subsidiary of Blue Ant Media. Existing tenants included DataScience Inc., Paychex and Shiseido Cosmetics.<\/p>\n<p>The financing was arranged through Newmark Realty Capital Inc., represented\u00a0 by Principal Andy Bratt and Vice President Amit Tyagi.<\/p>\n<h2><strong>Successful, But Not Easily Refinanced<\/strong><\/h2>\n<div id=\"attachment_1004185267\" style=\"width: 366px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Tim-Lee.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004185267\" data-attachment-id=\"1004185267\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/tim-lee-800x620\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Tim-Lee-800x620.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Tim Lee 800&#215;620\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Tim-Lee-800x620.jpg?w=800\" loading=\"lazy\" class=\"wp-image-1004185267\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Tim-Lee.jpg\" alt=\"Tim Lee, VP of corporate development and legal affairs, Olive Hill\" width=\"356\" height=\"276\" \/><\/a><p id=\"caption-attachment-1004185267\" class=\"wp-caption-text\">Tim Lee, VP of corporate development and legal affairs, Olive Hill<\/p><\/div>\n<p>The property\u2019s \u201c<em>prime location, strong occupancy, and quality tenant mix made this an attractive property to finance<\/em>,\u201d Tyagi said in a prepared statement. \u201c<em>The challenge, however, was identifying a lender that understood the asset\u2019s long-term investment potential. Lenders typically look for consistency in historical operating statements and had initial reservations with the recent ramp-up in net operating income<\/em>.\u201d<\/p>\n<p>To overcome this, Newmark and Olive Hill reportedly leveraged their local market knowledge to prove that the property\u2019s current rent levels were sustainable and on par with the market and to justify the projected rents the property would achieve on completion of the renovations.<\/p>\n<p>The $41 million loan came from a life insurance company represented by Newmark. The 10-year loan was structured with a seven-year interest-only period, followed by an amortization of 30 years. There is also an earn-out that allows up to $10 million in additional funding if certain NOI thresholds are met.<\/p>\n<p>\u201c<em>While the term \u2018<a href=\"https:\/\/www.commercialsearch.com\/news\/olive-hill-to-redevelop-silicon-beach-office-campus\/\">creative office<\/a>\u2019 can be interpreted in a variety of ways, for us it includes flexible workspaces and open floor plans, exposed high ceilings, outdoor amenity areas, and modern interior d\u00e9cor, all of which serve to encourage creativity and collaboration<\/em>,\u201d Tim Lee, Olive Hill\u2019s VP of corporate development and legal affairs, told <em>Commercial Property Executive<\/em>.<\/p>\n<p>\u201cW<em>e\u2019re applying this in practice and expanding our on-site amenities to convert our property into a true creative office campus. By integrating upgraded seating areas throughout the courtyard, bike-friendly pathways, and a bocce ball court, among others, we\u2019re delivering a live\/work\/play environment that will enable our tenants to attract and retain their best employees,<\/em>\u201d\u00a0concluded Lee.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The $41 million loan was arranged by Newmark Realty Capital Inc. The LA-based firm acquired the property for $65.6 million last year with plans of upgrading it.<\/p>\n","protected":false},"author":882,"featured_media":1004185269,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1594,21742,21747,15],"tags":[34070,36187,33887,36991],"class_list":["post-1004185262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-los-angeles","category-latest","category-office","category-west","tag-200-300-corporate-pointe","tag-newmark-realty-capital","tag-olive-hill-group","tag-silicon-beach-submarket"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Olive Hill Receives Creative Office Financing in LA - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Olive Hill Receives Creative Office Financing in LA\" \/>\n<meta property=\"og:description\" content=\"The $41 million loan was arranged by Newmark Realty Capital Inc. The LA-based firm acquired the property for $65.6 million last year with plans of upgrading it.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-27T11:38:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T01:53:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/\",\"name\":\"Olive Hill Receives Creative Office Financing in LA - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg\",\"datePublished\":\"2017-07-27T11:38:28+00:00\",\"dateModified\":\"2022-12-07T01:53:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Office-building-800x620.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/olive-hill-receives-creative-office-financing-in-la\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Olive Hill Receives Creative Office Financing in LA\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\",\"name\":\"Scott Baltic\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96\",\"caption\":\"Scott Baltic\"},\"description\":\"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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