Slatt Capital secured $22M in acquisition financing for a special-use commercial property located in the heart of the Gaslamp Quarter in San Diego, California. The property was previously operated as a TCL Chinese Theater with ground-floor restaurants and a rooftop bar. The Sponsor pre-leased the entire building to 4 new tenants prior to closing. Two Mexican restaurants, run by Mr. Tempo and a bar from Hollywood (co-owned by Quentin Tarantino), will occupy the ground floor. The rooftop is being revamped, along with the 2nd floor conversion of the theater space into a comedy/night club run by the famous restaurant and entertainment group which owns the Yamashiro restaurant in Hollywood.
Slatt Capital arranged a 24-month floating rate bridge loan with no minimum interest or prepayment penalty. The loan will allow time for tenant improvements and stabilization in preparation for permanent financing as this is a long-term hold asset for the client.