Falcon Completes $100,000,000 Refinancing of Two Rodeo Drive in Beverly Hills, California
On behalf of one of its clients, Falcon Real Estate has successfully closed on a $100,000,000 refinancing of Two Rodeo Drive located in Beverly Hills, California. Under the financing arranged with Credit Suisse First Boston, the original loans have been repaid and a significant savings in mortgage interest will occur.
Falcon advised one of its clients in the acquisition of Two Rodeo Drive in 2000. Completed in 1989, Two Rodeo Drive is an exclusive, high-end retail property containing approximately 130,000 square feet. Located on the world famous Rodeo Drive, the property maintains a European village atmosphere including a cobblestone street that runs through the middle of the property. Specialty retailers at the high-image property include Tiffany, Versace, Gianfranco Ferre, Gucci, Vilebrequin and Lalique.
Scott Sweeney, Executive Vice President of Falcon comments: “A successful tenant re-merchandizing effort and a capital investment program allowed us to secure the attractive new financing. This strategy has enhanced the operations of the trophy asset and the attractive interest rate on the new financing has significantly increased the cash flow to our client.”