The owners of Olympic Plaza, a more than 244k SF office complex just secured a $48M CMBS loan.
While the names of the borrowers were not listed, GlobeSt sources identify them as Keitei Yokeno and Phillip Ho. Both of the borrowers used a forward rate lock, beginning in March of last year. The money will be used to refinance debt that will mature in Q1.
The deal closed in December after the expiration of the prepayment penalty. The loan was underwritten with a 10-year term and a 25-year amortization schedule.
It was reportedly funded through Guardian Insurance Co. Blake Melstrom, a VP at NorthMarq Capital, secured the funds for the borrower. [GS]
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