CORRECTING and REPLACING Sequoia Commercial Lending, Inc. Secures $21,600,000 in Owner-User Financing

First paragraph, second sentence of the release dated March 26, 2015 should read: "The building was home to the Directors Guild of America - Producer Pension and Health Plans for many years, but at the time of purchase was 80% vacant, making it an ideal candidate for an owner-user." (Instead of "The building was home to the Directors Guild of America (DGA) for many years, but at the time of purchase was 80% vacant, making it an ideal candidate for an owner-user.")

The corrected release reads:

SEQUOIA COMMERCIAL LENDING, INC. SECURES $21,600,000 IN OWNER-USER FINANCING

Sequoia Commercial Lending, Inc., a Beverly Hills-based, commercial mortgage brokerage firm, announced today it successfully secured purchase financing totaling $21.6 million for an eight-story office building on 3rd Street, in close proximity to La Cienega Boulevard in Los Angeles, California. The building was home to the Directors Guild of America - Producer Pension and Health Plans for many years, but at the time of purchase was 80% vacant, making it an ideal candidate for an owner-user. The subject property consists of ground-floor retail space, five stories of parking, and three stories of office space, which will be fitted for the borrowers’ use.

Christopher Farlow and Brett Twente, partners at Sequoia Commercial Lending, were able to arrange unique and aggressive terms, which stand out in today’s lending marketplace. Typically banks provide 75% maximum leverage for commercial real estate transactions, without the assistance of the SBA. However, the group was able to secure a conventional 90% loan to value credit facility.

“We are truly proud to provide such extraordinary leverage at historically low rates to our clients,” said Christopher Farlow, partner at Sequoia Commercial Lending. “It was such a pleasure working with the borrowers, and we couldn’t be happier with the end result.”

The loan features a 10-year term, 10-year fixed rate, 25-year amortization period, with a step-down prepayment schedule. Furthermore, the group was able to secure a PAR deal from the lender, while achieving a rate lock without a deposit.

ABOUT SEQUOIA COMMERCIAL LENDING, INC.

Sequoia Commercial Lending, Inc., is a licensed California Department of Real Estate Broker: License # 01953526. To learn about other recently closed transactions visit http://sequoiaco.com/recently-closed