Urban Offerings and The Meridian Group have received a $59.3 million construction loan for the development of a Class A, 74,055-square-foot creative office building near Los Angeles’ Westside. UBS Realty Investors provided the non-recourse financing, according to Commercial Observer. Dekel Capital arranged the transaction, working on behalf of the joint venture.
The proceeds will go toward demolishing the existing structure and developing the four-story project at 5950 W. Jefferson Blvd., half a mile south of the 152,146-square-foot office portfolio that traded for $169 million in February. LYNCH EISINGER DESIGN Architects designed the building to include 5,581 square feet of ground-level retail and a two-level subterranean garage. Completion is slated for June 2021.
Located some 10 miles west of downtown Los Angeles, the development site is at the eastern entrance of Culver City, adjacent to Hayden Tract. The property is 8 miles east of Santa Monica via the Metro Expo Line, accessible at the nearby La Cienega/Jefferson station.