Los Angeles, CA (January 25, 2019) — ASB Real Estate Investments (ASB) announced today the $95 million financing of WaterMarke Tower, a 35-story, Class A rental apartment building in Los Angeles’ downtown financial district. The loan was secured on behalf of ASB Allegiance Real Estate Fund, a core investment vehicle, as part of ASB’s strategy to take advantage of favorable interest rates.
ASB obtained a ten-year, $95 million, non-recourse, floating-rate loan from Helaba, the German-based commercial bank, at an interest rate equal to One Month LIBOR plus a spread of 1.30%. The loan will be swapped at closing to a fixed rate of 3.957%.
David Quigley, ASB Managing Director and Chief Investment Officer, said: This is an attractive long-term financing on a superior multifamily investment. We are also pleased to grow our relationship with Helaba.”
Completed in 2009 in the vanguard of the downtown financial district’s residential expansion and acquired by ASB in 2014, WaterMarke Tower is a luxury high-rise with 214 units and 263,335 rentable square feet of apartment space. The asset also includes 9,000 square feet of retail space leased to Faith & Flower and 357 parking spaces. The property, which is located at 705 W. 9th St., is 95% leased.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.9 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles. For more information about the company, visit www.asbrealestate.com.
*As of 12/31/18