Madison Realty Capital (MRC) has increased its bridge loan to a total commitment of $115 million for the redevelopment of a mixed-use property and adjacent multifamily development in Los Angeles’ Koreatown. The joint venture between Harridge Development Group, Silverpeak Real Estate Partners, and Urban Green Investments will use the funds to convert these properties into 277 apartment units and over 30,500 square feet of retail space.
According to Josh Zegen, managing principal and co-founder of MRC, Koreatown is a highly desirable location due to its proximity to entertainment hubs and residential neighborhoods. As the area continues to grow with the expansion of LA Metro Purple Line Extension, MRC is proud to strengthen their partnership with Harridge Development Group and Silverpeak Real Estate by providing flexible financing solutions for this sophisticated project.
Formerly home to I. Magnin & Company luxury department store, 3240 Wilshire Blvd. will be transformed into 107 one-bedroom loft apartments alongside retail space spanning over 29,632 square feet.
The latest news from Madison Realty Capital reveals an increase in their initial bridge loan commitment from $115 million for redevelopment projects in Los Angeles’ vibrant Koreatown neighborhood. This funding will support converting two properties – a mixed-use building at 3240 Wilshire Blvd., previously occupied by luxury department store I.Magnin & Co., as well as an adjacent ground-up mid-rise multifamily development at684 New Hampshire Ave.-into modern living spaces comprising277 apartment units plus more than30 ,500 sq ftof commercial real estate.
Josh Zegen-who serves as Managing Principal while also being one amongthe foundersat Madison Realty Capital-expressed his enthusiasm about this project that’s situated right where LA’s entertainment scene meets nightlife spots alongwithresidential areas.”Koreatown boastsa prime locationandiscontinuously expanding thanks mainlytothe ongoing extension work onLA Metro Purple Line,” he said.”We’re delighted to continue our long-term association with Harridge Development and Silverpeak Real Estate, while also serving as the sole financing source for this highly sophisticated sponsor group that has already secured all necessary approvals for the development.”
The post Madison Realty Capital Commits $115M for Redevelopment in LA’s Koreatown appeared first on Connect CRE.
