The California State Teachers' Retirement System has scored a $70 million loan to refinance its 337,400-square-foot office building at 11755 Wilshire Boulevard, according to property records filed with Los Angeles County.
Brokers, investors and developers all say lenders are extremely picky right now when it comes to lending on office properties, given the prominence of remote work and tenants continuing to shrink space... On the Wilshire deal, Wells Fargo disclosed to KBRA that it gave out the loan at a 43 percent loan-to-value ratio. In 2019, the National Association of Realtors reported that about 70 percent of loans had loan-to-value ratios of 75 or 80 percent.
[
add
]
[
|
|
...
]