LOS ANGELES—Waterbridge Capital has completed the purchase of the Broadway Trade Center in Downtown Los Angeles. As part of the closing, Waterbridge Capital and its partner Jack Jangana secured the first tranche of a $140 million senior bridge loan, which will be used for the acquisition and renovation of the property.
“The sponsor was seeking a flexible, non-recourse lender for the project,” Charlie Rose, director at Canyon Capital Realty Advisors, tells GlobeSt.com. Canyon Capital Realty Partners funded the loan in partnership with Hudson Pacific Properties. “Canyon was able to structure the loan for a quick closing in a highly structured transaction, allowing for the sponsor to acquire the project and immediately commence redevelopment activities,” adds Rose.
In an earlier story, GlobeSt.com reported that the New York-based equity fund entered into an agreement to purchase the property from an undisclosed private family owner. Although the purchase price was undisclosed, industry sources unrelated to the deal say Waterbridge bought the property for $38 million. The additional funds will be used to transform the property into a creative office complex over the next 24 months.
The nine-story historic building was originally built in 1908. It has 25.7-foot ceiling heights and the largest floor plates available in the area. Waterbridge is using the Chelsea Market in New York as its design inspiration, and the campus will be similar to the Twitter and Yahoo creative campuses in San Francisco and Santa Monica.