DTLA’s Watermarke Tower secures $95M in financing

ASB Real Estate paid $160.5M for the 35-story rental building in 2009

Los Angeles /
Jan.January 25, 2019 11:00 AM
ASB Real Estate Investments CEO Robert Bellinger and Watermarke Tower

ASB Real Estate Investments has secured a $95 million 10-year mortgage on the 35-story WaterMarke Tower in Downtown Los Angeles.

Helaba, a German bank, provided the floating-rate loan. The rental tower, located at 705 W. 9th Street, has 214 units and 9,000 square feet of retail space.

The building was developed as a condominium tower by developer Meruelo Maddux and completed in 2009, according to Downtown L.A. real estate blogger Brigham Yen. ASB acquired it in 2014 for $160.5 million and converted the condo units to rentals. It’s now 94 percent leased, according to ASB.

Watermarke Tower is a popular filming location. Its most high-profile appearance was in the 2013 film “Her” starring Joaquin Phoenix and Scarlett Johansson. The building brings in $100,000-$200,000 annually from shooting fees.

ASB, based in Bethesda, Maryland, also owns a 106-unit apartment building in Santa Monica and a handful of retail properties in L.A., along with a diverse portfolio of properties in other markets, including San Francisco, Seattle, New York, and Miami.


Related Articles

arrow_forward_ios
Josh Zegen and rendering of 21555 Oxnard Street (iStock, Google Maps)
Madison Realty Capital provides $34M loan-on-loan for Warner Center redevelopment
Madison Realty Capital provides $34M loan-on-loan for Warner Center redevelopment
 Jade Enterprises’ Director of Development Daniel Taban and 888 South Figueroa Street (Google Maps)
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
David Lawrence Gray and a rendering of the 120-unit tower (David Lawrence Gray Architects, University of Washington)
120-unit Pencil Tower planned for DTLA
120-unit Pencil Tower planned for DTLA
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
Rockwood Capital's Walter P. Schmidt, LPC West's David Binswanger, and Deka Immobilien's Ulrich Bäcker. (915 Wilshire, Rockwood, LPC, Deka)
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Brookfield CEO Brian Kingston and 725 South Figueroa Street (Google Maps)
Brookfield lands $305M refi for Ernst & Young Plaza in DTLA
Brookfield lands $305M refi for Ernst & Young Plaza in DTLA
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)
Grand ambitions: Related’s DTLA megaproject hits halfway mark
Grand ambitions: Related’s DTLA megaproject hits halfway mark
arrow_forward_ios

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

Loading...