Developer secures $51M loan for office-hotel conversion Downtown

Mosaic Real Estate Investors provided the loan

Los Angeles /
Dec.December 12, 2018 04:00 PM
Vicky Shiff and Ethan Penner, Mosaic Real Estate Investors managing partners’ (Credit: Gary Leonard, Cambria Hotels)

Ocean V, the hotel arm of developer PNK Group, has secured a $50.9 million loan to convert a dated Historic Core building into a 180-room business hotel Downtown.

Mosaic Real Estate Investors provided the loan, arranged by HFF, Commercial Property Executive reported.

The hotel, which will be under the Cambria Hotel and Suites brand, is set to include 2,500 square feet of meeting and event space, a restaurant, fitness center and sweeping views of Downtown Los Angeles.

Located at 419 South Spring Street, the 14-story office building sits near Spring Street Park and Pershing Square.

PNK has been planning its conversion of the vacant 14-story building for more than three years. Internal demolition work began in 2016, and the entire project is expected to be completed by 2019.

Nadel Architects is designing the 122,000-square-foot project.

A joint venture – including Pacific Property Partners, Choice Hotels, Sun Holdings DTLA and Barry Beitler — is also developing another Cambria-branded hotel nearby. The 18-story building at 926 James M. Wood Boulevard will hold 247 guest rooms. It’s also expected to open in 2019. [CPE] – Natalie Hoberman


Related Articles

arrow_forward_ios
Michael Shabani with 8400 Melrose Avenue (Loopnet, iStock) Gucci, Melrose
Gucci plans flagship at Melrose & Melrose
Gucci plans flagship at Melrose & Melrose
Argent Retail's Terence Bortnick (LinkedIn, iStock)
OC commercial brokerage Argent Retail Advisors files for bankruptcy
OC commercial brokerage Argent Retail Advisors files for bankruptcy
LuMar's Babak Nehoray with10756 W Wilkins Ave (Avvo, Labyrinth)
Developers plan five-story apartment building in place of single-family home in Westwood
Developers plan five-story apartment building in place of single-family home in Westwood
Artist Guild Hotels' Daniel Hyde and the Palmer Building (LinkedIn, AGI)
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Ben Shaoul and 1457 North Main Street (Getty, LoopNet)
NYC developer Ben Shaoul eyes 376-unit resi complex near L.A.’s Chinatown
NYC developer Ben Shaoul eyes 376-unit resi complex near L.A.’s Chinatown
BH Properties' Andrew Van Tuyle and 601 Potrero Grande Drive (Google Maps, BH Properties)
Distressed asset specialist buys Monterey Park campus from Blue Shield
Distressed asset specialist buys Monterey Park campus from Blue Shield
Cushman & Wakefield’s Dan Broderick, Phil Brodkin; and (formerly) Cresa’s Matthew Miller (Cushman & Wakefield, Cresa)
Cushman & Wakefield buys three Cresa offices in LA
Cushman & Wakefield buys three Cresa offices in LA
San Bernardino Mayor John Valdivia with Carousel Mall (City of San Bernardino, Google Maps)
Mayor wants stake in heart of San Bernardino zombie mall
Mayor wants stake in heart of San Bernardino zombie mall
arrow_forward_ios

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

Loading...