Pembrook Capital Management LLC, a commercial real estate investment management company, reports that, together with a Wall Street firm, it has provided pari passu first-mortgage financing for 6904 Hollywood Blvd., a property on the Walk of Fame in the heart of Hollywood, Calif.
The loan was for a total amount of $19.9 million and has a 10-year term and a 5.85% fixed rate. The first mortgage represents an approximate 69% loan-to-value ratio.
The sponsor, CIM Group, a Los Angeles-based real estate investment firm, purchased the property in 2007 and has a total cost basis of approximately $30 million, including a $17 million renovation that was completed in July 2009.
SOURCE: Pembrook Capital Management LLC