{"id":1004372192,"date":"2019-12-01T23:00:03","date_gmt":"2019-12-02T07:00:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004372192"},"modified":"2019-12-02T07:43:43","modified_gmt":"2019-12-02T15:43:43","slug":"mixed-use-los-angeles-project-lands-52m-loan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mixed-use-los-angeles-project-lands-52m-loan\/","title":{"rendered":"Mixed-Use Los Angeles Project Lands $52M Loan"},"content":{"rendered":"
\"\"<\/a>

Produce LA. Rendering courtesy of Meridian Capital Group<\/em><\/p><\/div>\n

Meridian Capital Group has secured $52 million in construction financing for Platinum Equity’s Produce LA, a 113,600-square-foot mixed-use project in downtown Los Angeles. Pacific Western Bank provided the variable-interest loan, which has interest-only payments over its three-year term. The mortgage has two one-year extension options.<\/p>\n

The 1.6-acre project site, located in an Opportunity Zone in Los Angeles’ Arts District, is currently home to a 37,100-square-foot cold storage warehouse. The borrower acquired the structure in July from Continuum Partners for $28.9 million, per public records. Plans for the ground-up development call for three floors of office space above approximately 16,000 square feet of retail. The building will also include two levels of subterranean parking and a 4,300-square-foot rooftop terrace.<\/p>\n

Located at 640 S. Santa Fe Ave., the site is within 2 miles of downtown Los Angeles. The parcel is one block south of Sixth Street and near the $488 million Sixth Street Viaduct project, which will replace a bridge and add a 12-acre park by 2022. The building is also less than a mile from Interstate 10.<\/p>\n

Meridian\u2019s Senior Managing Director Seth Grossman and Vice President Sarah Kuebler brokered the financing for the borrower. In April, Meridian arranged a $100 million refinancing package for a 413,000-square-foot Manhattan office asset<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The office and retail development will be located in a downtown L.A. Opportunity Zone near a $488 million infrastructure upgrade.<\/p>\n","protected":false},"author":867,"featured_media":1004372204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,1594,21752,21742,15],"tags":[42446,33375,43688,41225,38260],"class_list":["post-1004372192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-los-angeles","category-mixed-use","category-latest","category-west","tag-continuum-partners","tag-meridian-capital-group","tag-opportunity-zones","tag-pacific-western-bank","tag-seth-grossman"],"acf":[],"yoast_head":"\nMixed-Use Los Angeles Project Lands $52M Loan - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mixed-use-los-angeles-project-lands-52m-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mixed-Use Los Angeles Project Lands $52M Loan\" \/>\n<meta property=\"og:description\" content=\"The office and retail development will be located in a downtown L.A. 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