Madison Realty Capital completes $115m loan for mixed-use multifamily developments in Los Angeles
Madison Realty Capital has upsized its initial bridge loan to a total commitment of $115 million for a construction loan to a joint venture between Harridge Development Group, Silverpeak Real Estate Partners and Urban Green Investments.
The loan is a modification and upsize of a $34 million loan originated by Madison Realty Capital in 2022 and will be used for the conversion of a mixed-use property located at 3240 Wilshire Blvd. and an adjacent ground-up mid-rise multifamily development at 684 New Hampshire Ave. in Los Angeles, California consisting of a total 277 apartment units and more than 30,500 square feet of retail space. The borrower group has secured all approvals to redevelop the Wilshire Boulevard site for residential and retail use and has invested significant equity in the transaction.
“Los Angeles’ Koreatown neighborhood is extremely well located and vibrant, sitting at the intersection of the city’s entertainment, nightlife and residential neighbor