Snap-leased office complex in Venice snags refi

Silver Creek lands $34M debt package on 5 buildings Snapchat’s parent company occupies

606-654 Venice Boulevard (Silver Creek, Google Maps)
606-654 Venice Boulevard (Silver Creek, Google Maps)

Silver Creek Development landed a $34 million refinance package on its Venice Beach office complex that is fully leased by Snapchat’s parent company.

The debt included a senior loan from Bridge Investment Group and mezzanine loan from Rialto Capital Management, according to Commercial Observer.

The complex comprises five buildings at 606-654 Venice Boulevard. Silver Creek bought the property in 2019.

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Snap signed an 11-year lease for the complex in 2015. The property was renovated a year later, when a 250-seat auditorium and cinema room were added, along with a coffee shop, kitchen and gym.

Snap went on a leasing spree in Venice and the surrounding area, as the company grew during the last decade. The social media company signed a 400,000-square-foot lease at Santa Monica Business Park in 2017 to consolidate its offices and put most of its scattered office spaces on the market for sublease.

The firm struggled to sublease much of that space.

[CO] — Dennis Lynch