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Los Angeles

Downtown developer scores $23.6M construction loan

A rendering of the Figueroa Street project
A rendering of the Figueroa Street project

The developer of a mixed-use residential and retail project at 1400 Figueroa Street in Downtown L.A. has nabbed a $23.6 million construction loan from Opus Bank.

DHG Family Trust can now proceed with the project, which is two blocks south of the Staples Center and is slated to include 110 luxury apartment units and 1,400 square feet of ground floor retail.

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Jonathan Hakakha of Quantum Capital Partners and Mike Tanner of Pacific Southwest Realty Service arranged the financing.

DHG closed the three-year loan at 3.5 percent above LIBOR with a 4 percent floor, the brokers said. — Katherine Clarke