J.H. Snyder Company has snagged a $105 million mortgage to refinance the SAG-AFTRA Plaza bulding at 5757 Wilshire Boulevard, where it plans to add a 21-story residential tower.
John Hancock’s real estate finance group provided the 10-year fixed-rate loan at under 4 percent, according to the Commercial Observer.
Jerry Snyder’s company proposed the 285-unit residential tower at the 7.6-acre Miracle Mile site in March, three years after receiving an entitlement for an office tower there to join the existing 11-story SAG-AFTRA Plaza building, renamed in 2015 after its longtime tenant, the Screen Actors Guild-American Federation of Television and Radio Artists.
SAG-AFTRA Plaza has 548,000 square feet of office space and 28,000 square feet of ground-floor retail space. The firm completed the building in 1983 and maintains its headquarters there. It was its third project and first office project.
If built, Snyder’s residential tower would join a handful of other residential projects in the area. Those include a nearby construction by NMS Properties, which is developing a 15-story, 112-unit project at 6401 Wilshire Boulevard. [CO] — Dennis Lynch