GPI scores $120M construction loan for Westside Pavilion
ACORE Capital is the lender; construction to continue through 2021
GPI Companies has the money needed to fully transform its portion of the former Westside Pavillion into a 230,000-square-foot mixed-use office space.
The Los Angeles-based developer told The Real Deal Monday that it closed on $120 million in construction financing from ACORE Capital for West End, a redevelopment of the former Macy’s department store.
Construction of West End is underway and is projected to wrap up in early 2021.
In total, GPI says it is investing more than $180 million into West End.
Hudson Pacific Properties and Macerich are converting another large block of the former mall into a 584,000-square-foot office space that will be entirely occupied by Google. HPP and Macerich have dubbed their portion of the West LA site “One Westside.”
Though the projects are separate, the developers are sharing a 1,500-space parking garage that GPI bought. GPI purchased the Macy’s and garage for $50 million at auction in 2017.
GPI has tapped Del Amo Construction and ARB/Primoris to handle construction, with HLW and Walter P. Moore & Associates as principal architects. JLL arranged for the construction financing and serves as the exclusive leasing agent for GPI.
JLL’s Kevin MacKenzie, Greg Brown, Jeff Sause and Peter Thompson brokered the financing. Their colleagues Carl Muhlstein and Josh Wrobel are handling leasing at West End.