Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, announced the origination of a $132 million first-mortgage acquisition loan secured by 333 S. Grand Ave., a 55-story, class A office tower totaling over 1.4 million rentable square feet and approximately 1,700 parking spaces in the Bunker Hill submarket of Downtown Los Angeles. The loan funds the acquisition of the property and will provide an additional $48 million "good news" facility for future leasing costs, providing the sponsor with significant and immediate means to re-engage the leasing market from a substantially reset ownership basis.
The property benefits from more than $63 million in recent capital improvements, including the full redevelopment of the Halo retail center, lobby renovation and elevator modernization. The building occupies a full city block with protected setbacks, contributing to a distinct security and pedestrian environment relative to lower-elevation portion
