A real estate investor who has an enormous apartment project slated for Downtown, has closed a $62 million refinance deal on two repurposed properties in the Arts District.
Daryoush Dayan landed a $40 million loan on a nearly 258,000-square-foot building on 7th Street, and a $22 million bridge loan for a smaller, 175,000-square-foot building on Santa Fe Avenue.
Morgan Stanley provided the 10-year mortgage for the property at 2301 East 7th Street. The building was once used as a manufacturing complex, then converted into offices in 2006. Dayan, acting behind an LLC, purchased the building for $6.5 million in 2003, property records show.
Silverpeak Argentic provided the financing for the property at 1700 Santa Fe Avenue. Formerly used as a tire warehouse, it’s now leased to an exports company and an art gallery. Dayan acquired it for $31 million in April 2016, records show.
Bellwether Enterprise advised on both loans.
Nearby, Dayan has proposed building twin residential towers at 2222 Figueroa Street. The project, proposed in 2016, would include 1,063 residential units, including 645 condos, 364 market-rate apartments and 54 units reserved for very low-income households.