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The Real Deal Los Angeles

Rockpoint lands $120M loan for 5670 Wilshire purchase

MetLife is the lender
January 25, 2018 02:30PM

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