The old, six-story May Co. department store in downtown Los Angeles is changing hands, thanks to $140 million loan announced today as part of an effort to renovate the vintage-1908 building.
Los Angeles-based Canyon Capital Realty Advisors LLC and Hudson Pacific Properties Inc. funded the first part of $140 million senior bridge loan to a venture between Waterbridge Capital and Jack Jangana.
The loan will go toward the acquisition and redevelopment of the 1.08 million-square-foot, Beaux Art-building known as the Broadway Trade Center at 830 S. Hill St. as a mixed-use office and retail property.
“We are pleased to provide the financing for this transformational project, which will continue the renaissance of the historic Broadway corridor, one of the most exciting emerging retail, entertainment and office hubs in Los Angeles,” said Charlie Rose, director of Canyon Realty.
The property is along a stretch of Broadway that has benefitted from the development of the Ace Hotel, retailers such as Urban Outfitters and The Gap, and Alma restaurant.
“We speak with creative office tenants on a daily basis, and with the influx of new residential developments and robust amenity base, the historic core of Downtown Los Angeles has become a desirable alternative for tenants,” Alex Vouvalides of Hudson said.
Separately, Canyon is the majority investor in One Santa Fe — 438 apartment units and 78,000 square feet of commercial space in the downtown Arts District.
