The route for Waterbridge Capital and Jack Jangana to redevelop the Broadway Trade Center, measuring 1 million square feet, in Los Angeles has been made possible by Canyon Capital Realty Advisors LLC and its partner Hudson Pacific Properties Inc.
The joint venture will receive $140m as a bridging loan from Canyon and Hudson, with the first tranche already being funded by the partners.
Broadway Trade Center was completed during 1908. The nine-level building originally housed A. Hamburger & Sons department store until the property was purchased by May Co. during 1923. Under this ownership, the retail store remained until the middle 1980s when the structure turned into a multi-use retail trade center. Now, more than one hundred years later, the building is set to start a new life.
It is the intention of Waterbridge and Jangana to change the traditional property into a premier site which will offer retail space on the ground and second levels, along with office space that will bear in mind the building’s historic architecture.
A director at Canyon Capital, Charlie Rose, stated their pleasure at being involved with this project set to transform the building.
29 AUGUST 2014, USA