Waterbridge venture seeks $500M loan for Museum Building

The century-old building is being converted from former department store to mixed-use

TRD LOS ANGELES /
Mar.March 08, 2018 05:00 PM
Broadway Trade Center (Credit: Wikimedia Commons)

Waterbridge Capital and Continental Equities are on the hunt for a massive loan to fund the redevelopment of the century-old Museum Building at 801 South Broadway in Downtown.

The joint venture is seeking $500 million in floating-rate financing. It will refinance a $165 million predevelopment loan with Jamestown, and fund construction, improvements, and leasing, the Commercial Observer reported.

Waterbridge, led Joel Schreiber, and Continental acquired the property in 2014 for $130 million, according to published reports at the time. For the last two years, the owners have been preparing to convert the 1.1-million-square-foot landmarked building from a former department store into a mixed-use building. That process included getting approvals from the city to alter the landmarked building.

The converted five-story property would have around 470,000 square feet of office space, almost 300,000 square feet of retail, and a 117,000-square-foot hotel. The building was formerly known as the Broadway Trade Center and was built in the early 1900s. The open floor plans are expected to attract startups and other technology tenants who want to join the growing tech scene Downtown.

If the conversion is completed later this year as is scheduled, it would add a significant chunk of office space to the already high supply in Downtown. Last year closed out with a 20.6 percent vacancy rate in the neighborhood, with an additional 1.7 million square feet on its way, according to a recent report. [Commercial Observer] — Dennis Lynch 


Related Article

arrow_forward_ios
From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M

arrow_forward_ios