Loan Obtained for High-Rise
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A $90-million loan has been arranged by Post Oak Partners, Los Angeles, for Westside Towers, a twin 12-story complex at 11845 W. Olympic Blvd.
Citicorp Real Estate, Los Angeles, provided the financing to a limited partnership headed by the Kenneth A. Ruby Co., Los Angeles, and Blumin-Barclay Associates, Los Angeles.
Scott Ingraham, managing director of Post Oak, said, “the loan features a unique pricing structure in that the interest rate is composed of a LIBOR-based floating rate, blended with a fixed-rate derived from a secondary market interest rate swap.”
LIBOR (London Inter Bank Offered Rate) is an index used by major international banks.
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