Broadway Trade Center Acquisition Closes

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.