Waterbridge Capital announced it has secured $75 million in short-term first mortgage debt for the acquisition of the 40-story Union Bank Plaza in downtown Los Angeles. The financing was structured by B.H. Properties in partnership with Hankey Capital.
Built in 1967, Union Bank Plaza is located at 445 S. Figueroa in the heart of downtown Los Angeles’s Central Business District. The building features 677,000 square feet of office space above a two-level 24,833-square-foot retail center and a two-acre landscaped plaza. The building was 57 percent leased at closing. The building is the headquarters of Union Bank, which was sold to the parent of U.S. Bank in December for $8 billion.
“This was a very complex transaction with a very short deadline,” said Andrew Van Tuyle, BH Properties senior managing director, investments, at BH Properties. “Upon meeting with the brokers, we immediately recognized the compelling investment opportunity for the borrower and were able
