The New York manager acquired the property at 444 South Flower at a UCC auction in January.
National and regional banks are expected to reduce commercial real estate lending, which opens the door for the private markets.
PacWest attempts to add liquidity as regional banking turmoil persists.
The financing is part of a larger $167.2m luxury hotel project.
The 10-year, fixed-rate financing, arranged by Walker & Dunlop, is interest only for its entire term.
JLL Capital Markets arranged the $220m loan, of which about $65.8m is comprised of preferred equity.
The New York-based manager received a one-year extension, with an additional 12-month extension option.
The firm expects to see a rise in portfolio and property recap opportunities over the next six to 18 months as traditional lenders pull back.
The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.
JLL arranged the financing for Five Star Development to finish the $2bn project development.