Madison Realty Capital (MRC) has increased its initial bridge loan to a total of $115 million for a construction project in Los Angeles’ Koreatown neighborhood. The joint venture between Harridge Development Group, Silverpeak Real Estate Partners and Urban Green Investments will use the loan to convert a mixed-use property at 3240 Wilshire Blvd. and an adjacent mid-rise multifamily development at 684 New Hampshire Ave. into 277 apartment units and over 30,500 square feet of retail space.
According to Josh Zegen, managing principal and co-founder of MRC, the vibrant location of Koreatown makes it an ideal spot for this redevelopment project. He also mentioned that the area has seen rapid growth due to expansion by LA Metro Purple Line Extension. MRC is proud to continue their partnership with Harridge Development Group and Silverpeak Real Estate Partners by providing flexible financing options for this sophisticated sponsorship group who have already obtained all necessary approvals for the development.
The property at 3240 Wilshire Blvd., previously home to luxury department store I.Magnin & Company, will be transformed into one-bedroom loft apartments along with retail space spanning over 29,632 square feet.
This news was originally published on Connect CRE’s website.
