**Culver City Industrial Property Secures $26.5M Bridge Financing**
IPA Capital Markets, a division of Marcus & Millichap, has successfully arranged $26.5 million in financing for a 76,755-square-foot, Class-A industrial building located at 8631 Hayden Place in Culver City.
The deal was secured by the Manhattan-based IPA Capital Markets team, including Max Hulsh, Max Herzog, Marko Kazanjian, and Andrew Cohen. Financing was provided by First Citizens Bank on behalf of a Los Angeles-based real estate investment, operating, and development company managing over $10 billion in assets.
“It was a pleasure working with the sponsor to secure financing,” said Hulsh. “Our team successfully arranged bridge financing at 65% loan-to-value for a transitional industrial property, pricing in the 200s over SOFR with a floor of 1.50%. We’re seeing increasingly competitive rates driven by factors such as more efficient back leverage, newly raised funds, and heightened competition.”
