RealtyMogul.com Provides Mezzanine Loan for Kearny Office Park Acquisition

First ever mezzanine loan provided by marketplace lender; Senior Debt Provided By Cathay Bank

LOS ANGELES--()--RealtyMogul.com, the online marketplace for real estate investing, announced it has provided a mezzanine loan to assist in the acquisition of Kearny Office Park along with Cathay Bank, who provided the senior debt. Kyu Mahn Hwang, a San Diego-based individual is the sponsor for the project; he plans to acquire, rehab and re-position the office building.

“This deal is an exciting transaction for RealtyMogul.com, as it is our first mezzanine loan ever and expands our product suite beyond traditional joint venture equity and first position commercial real estate lending,” said Jilliene Helman, CEO of RealtyMogul.com.

“Actively working with banks allows us to provide sponsors like Kyu Mahn Hwang increased leverage via preferred equity or a mezzanine loan,” said Charles Kim, Managing Director, RealtyMogul.com.

RealtyMogul.com provided a $1.25 million mezzanine loan. Cathay Bank, a publicly traded regional bank based in Los Angeles, provided the senior loan. “We were able to negotiate an Intercreditor Agreement with Cathay Bank in a timely manner and execute for the Sponsor,” added Helman. The sponsor intends to use the financing to implement a capital improvement plan, increase rent prices and attract longer-term tenants to the building.

Kearny Office Park is a 127,000 square foot office building, located in the Kearny Mesa submarket in San Diego, Calif., one block west of the 163 freeway. The Office Park consists of seven, two story buildings with immediate access to 52, 805 and 15 freeways. The property provides tenants excellent freeway accessibility with downtown San Diego and the airport located only 20 minutes south of the property.

About RealtyMogul.com

RealtyMogul.com is an online capital marketplace for real estate, connecting borrowers and sponsors to capital from accredited and institutional investors. Through an online platform, RealtyMogul.com gives borrowers access to debt capital, sponsors access to equity capital and investors tools to browse investments, perform due diligence and invest online. RealtyMogul.com offers fix-and-flip loans, bridge loans, permanent loans and joint venture equity. For more information, please visit www.realtymogul.com.

RealtyMogul.com offers equity securities through WealthForge, LLC, member FINRA/SIPC.

Contacts

RealtyMogul.com
Media Contact:
Stacey Gaswirth, 214-213-4675
sgaswirth@calisepartners.com
or
Company Contact:
Tuan Pham, 310-907-7129
tuan.pham@realtymogul.com

Release Summary

RealtyMogul.com Provides Mezzanine Loan for Kearny Office Park Acquisition; First ever mezzanine loan provided by marketplace lender; Senior Debt Provided By Cathay Bank.

Contacts

RealtyMogul.com
Media Contact:
Stacey Gaswirth, 214-213-4675
sgaswirth@calisepartners.com
or
Company Contact:
Tuan Pham, 310-907-7129
tuan.pham@realtymogul.com