4929 Wilshire Boulevard
4929 Wilshire Boulevard, Los Angeles, CA 90010
Property Overview
KBS REIT has purchased a $4.0 million note in connection with 4929 Wilshire Boulevard, a 160,701 sq. ft. ten-story office building in the Mid-Wilshire submarket of Los Angeles, California.
In June 2007, an unaffiliated investor purchased the property. The financing for this acquisition consisted of a single $35.3 million first lien mortgage. Subsequent to the acquisition, the loan was divided into a $31.3 million Senior A-note and a $4.0 million Junior B-note. The B-note is in the “first loss” position relative to the A-Note, however, both notes are secured by a first lien against the property. Due to this structure KBS REIT was able to purchase the $4.0 million note at a discount
Investment at a Glance
Location: Los Angeles, CA
Property Type: Office
Investment Type: B-Note
Acquisition Date: November 19, 2007
Purchase Price: $2,540,000
Loan Term: 116 months
Square Footage: 160,701 SF
