The family-owned real estate company Hakim Holdings borrowed $30 million from East West Bank to fund its $48 million purchase of a four-story office property in Beverly Hills, Calif., Commercial Observer can first report.
Eastern Consolidated Managing Director Jonathan Aghravi and Associate Director Charles Han negotiated the 10-year, fixed-rate loan. The non-recourse financing also carries a three-year, interest-only term, and the remainder amortizes over 30 years.
“Provided with a short window in which to meet the closing deadline, we were able to identify a lender and negotiate attractive terms for Hakim Holdings’ purchase,” Mr. Aghravi said in prepared remarks provided to CO. “East West Bank delivered excellent service as they ensured a quick and smooth closing process.”
The borrower opted for permanent financing to lock in an ideal interest rate now, and preferred putting more equity into the deal rather than financing at a higher leverage point, Mr. Aghravi added.
The firm purchased the office building, located at 9350 Wilshire Boulevard, from Lexington Commercial Holdings, an investment company owned by the Gonda family on Sept. 29. Father and son Leslie and Louis Gonda are known for investing in commercial real estate and donating to medical research and charity organizations. They originally made their fortune by selling their aircraft leasing business.
Hakim Holdings is run by brothers Alexander and Steven Hakim, and their father Kambiz Hakim. The firm owns multifamily, retail and office properties in New York City and California.
“We are extremely excited and proud to be able to acquire such a rare property, with the opportunity to reposition the asset in one of the most premiere locations in the world” Kambiz Hakim said in prepared remarks.
The 61,000-square-foot building is 81 percent occupied, and features a 12,000-square-foot ground floor retail component leased to Wells Fargo. The offices are occupied by a mix of professional tenants in the legal and entertainment businesses, according to Mr. Aghravi. The borrower plans to upgrade the property and lease the office spaces at market rates when tenants turn over.
“Eastern worked professionally and quickly to find the right financing for our company, which enabled us to close in a timely manner,” said Alexander Hakim.
A representative for East West Bank declined to comment.