Culver City developer scores $232M refinance from Deutsche Bank, Square Mile

The portfolio includes the (W)rapper Tower, which has been planned since 2006

TRD LOS ANGELES /
Dec.December 06, 2018 03:00 PM
Frederick and Laurie Samitaur Smith and the (W)rapper Building

The highly anticipated (W)rapper Tower — with its distinct exoskeleton of steel ribbons surrounding a glass structure — has moved one step closer to completion.

Developer Samitaur Constructs has secured a $231.6 million loan from Square Mile Capital Management and Deutsche Bank for a Culver City-based office portfolio, which includes the delayed office tower.

The 319,400-square-foot portfolio encompasses a 49,900-square-foot office building, which is fully leased by Nike, and a pair of office buildings spanning 89,000 square feet. WeWork and Jukin Media lease space at the buildings, located at 5764 and 5792 Jefferson Boulevard.

The 16-story (W)rapper building, which will feature 180,500 square feet of office space, will be the first creative office tower in Culver City once it is completed, Square Mile announced Wednesday.

It’s also likely to be the most eye-catching, given the distinctive design by Eric Owen Moss Architects.

The developers struggled to gain city approvals for the (W)rapper because of the unique exoskeleton. The project has been in the works since 2006, when the developers were awarded an $11 million grant from the federal government to fund acquisition and development costs. As of 2016, Samitaur was still looking to finalize financing for the site.

Samitaur is led by the husband-and-wife duo Frederick and Laurie Samitaur Smith. The Culver City-based company largely focuses on adaptive reuse projects, and currently holds a portfolio of 595,000 square feet of commercial space.

Culver City has become a hotbed for commercial real estate in recent years, attracting heavy hitters like Amazon and Apple. Hackman Capital Partners is behind two of the major developments in the neighborhood — the Culver Steps and Culver Studios expansion — while Lincoln Property Co. is developing a new, 128,000-square-foot project nearby.


Related Articles

arrow_forward_ios
Ken Kahan and  Ari Kahan of California Landmark Group and the site (Credit: Glenn Koenig/Los Angeles Times via Getty Images, and Google Maps)

California Landmark moves on 112-unit development outside Culver City

California Landmark moves on 112-unit development outside Culver City
From left: NortonLifeLock’s Vincent Pilette, Northwood Investors’ John Krukal, and the property (Credit: Google Maps)

Northwood Investors pays $120M for Culver City office complex

Northwood Investors pays $120M for Culver City office complex
Jefferson Creative Campus sells for $169M in Culver City (Credit: Newmark Knight Frank)

Lincoln, Clarion snap up Culver City office campus for $169M

Lincoln, Clarion snap up Culver City office campus for $169M
A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

Bastion plans 139-unit project on doorstep of booming Culver City
10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)

Redcar pays $74M for Culver City office complex, eyes expansion

Redcar pays $74M for Culver City office complex, eyes expansion
David Pressberg and 6000-6024 Buckingham Parkway (Credit: Google Maps)

R.W. Selby buys $33M Culver City rental in deal brokered by seller’s kin

R.W. Selby buys $33M Culver City rental in deal brokered by seller’s kin
Twin 44-story Century City Plaza Towers

Hines, JPMorgan asset arm nab $1.2B refi on Century City office twin towers

Hines, JPMorgan asset arm nab $1.2B refi on Century City office twin towers
3301 South Canfield Avenue (Credit: Google Maps and iStock)

Oakmont Capital is building a mini multifamily empire in Palms

Oakmont Capital is building a mini multifamily empire in Palms
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...