Rockpoint lands $120M loan for 5670 Wilshire purchase

MetLife is the lender

TRD LOS ANGELES /
Jan.January 25, 2018 02:30 PM
5670 Wilshire Boulevard, and Bill Walton, chairman of Rockpoint Group

Rockpoint Group scored a $120 million loan for the acquisition of 5670 Wilshire Boulevard, a Miracle Mile office tower it struck a deal to buy from the Blackstone Group in September.

The lender was MetLife Investment Manager, which gave Rockpoint a 10-year, fixed-rate loan to purchase the 27-story property, according to the Commercial Observer. Rockpoint agreed to buy the tower for $215 million, or $483 a foot, as The Real Deal first reported.

The loan closed Jan. 3. “The location, repeat borrower and fresh equity were just some of the attributes of the deal we liked,” MetLife’s Gary Dinka told the publication.

Boston-based Rockpoint, headed by Bill Walton and Keith Gelb, went big in New York earlier this year with a $465 million purchase of a 42-story office tower in Midtown from Ruben Companies. In L.A., its deals include a Westin hotel in Long Beach and a number of multifamily properties. [CO] – Dennis Lynch 


Related Articles

arrow_forward_ios
From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Rockpoint Group co-founders Keith Gelb and Bill Walton with 5900 Wilshire Blvd

Rockpoint Group buying 5900 Wilshire for $310M: sources

East LA Community Corporation President Isela Gracian, CIT Bank President Robert Rubino and the two projects

East LA Community Corp. lands $55M in loans for affordable housing projects

Acres Capital CEO Mark Fogel with a rendering of project

Chateau Group scores $44M bridge loan to build Marriott-branded hotel in Arcadia

Colony Capital's Thomas Barrack

Tom Barrack’s Colony Capital snags $1.7B refi on healthcare properties

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Geoff Palmer and Orsini II

Geoff Palmer nabs $128M refinancing on DTLA resi complex

Walter N. Marks III and a rendering of the project

This planned Miracle Mile resi tower is going heavy on the amenities

arrow_forward_ios