SAN DIEGO, Sept. 24, 2021 /PRNewswire/ -- Wilshire Quinn Capital announced Friday that its private lending fund, the Wilshire Quinn Income Fund, has provided a $10,000,000 acquisition loan on a 68,000 square-foot parking lot in Los Angeles, California.
The subject property is located in the heart of Downtown Los Angeles, adjacent to the Staples Center and L.A. LIVE sports and entertainment venues.
Wilshire Quinn, a national portfolio bridge lender and debt fund manager based out of San Diego, funded the loan in less than 21 days. The property is comprised of 175 parking spaces and is currently operated by Los Angeles based Shamrock Parking, Inc.
"Parking lots in dense metropolitan areas, which have historically been a strong asset class, have come under pressure during Covid as their revenues have decreased. As a result, traditional lenders have shied away from offering loans on these types of properties. We feel that lending on prime parking assets, at conservative loan-to-value ratios, will continue to result in solid returns for our Fund," CEO and Chief Investment Officer Christopher Garcia said.
The new owner of the property intends to submit plans to construct a large parking structure on the site and then obtain traditional construction financing.
Garcia added, "Our no-nonsense asset-based lending approach continues to resonate with real estate investors who cannot afford delays with their transactions. Our bridge lending platform will continue to be a solid alternative for those who require fast underwriting, total transparency, and clear communication during the loan process."
ABOUT WILSHIRE QUINN
Wilshire Quinn ( www.wilshirequinn.com) is a national portfolio bridge lender and debt fund manager based out of San Diego, California. Since 2011, Wilshire Quinn has provided senior debt financing ranging from $200,000 to $10,000,000 on a variety of property types, including but not limited to: non-owner-occupied residential properties, multi-family properties, condos, hotels, assisted-living facilities, entitled land, parking lots, office buildings, industrial buildings, and retail centers. Wilshire Quinn works directly with real estate owners and mortgage professionals nationwide.
Loans are made or arranged by Wilshire Quinn Income Fund, LLC pursuant to California Finance Lenders Law license #603J060. Wilshire Quinn Capital, Inc. serves as manager of the Wilshire Quinn Income Fund, LLC. The information above is deemed reliable but is not guaranteed. Nothing contained in the information above is an offer or solicitation for the purchase or sale of any security. Any such offer to purchase securities will be made only through the Private Placement Memorandum of Wilshire Quinn Income Fund, LLC.
Contact: Emily Mesetz619-872-6000
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SOURCE Wilshire Quinn Capital