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November 19, 2019
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FINANCING NEWS
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LA Metro-Adjacent Redevelopment Project Financed with $37 Mil Loan

9/20/19

The Luzzatto Company has secured $37.2 mil in bridge financing to complete the acquisition and redevelopment of Exposition 3 into a multi-phase creative office campus. The project is adjacent to two metro stations and within an Opportunity Zone in Los Angelesí West Adams submarket.

The 30-month, floating-rate loan was arranged by Jeff Sause, Paul Brindley and Spencer Richley with JLL and funded through TerraCotta Group. Loan proceeds will be used to complete the acquisition, fund the construction costs to redevelop the property and cover transaction costs.

After the loan was under application, The Luzzatto Company was able to pre-lease the building to Sweetgreen for its new headquarters. The property was most recently used as a dairy facility for milk-bottling and distribution. The existing 57k sf, two-story building has a creative variance of ceiling height, natural lighting and open outdoor space.

Situated on 2.18 acres at 3101 W Exposition Blvd, Exposition 3 is in the West Adams submarket, which is quickly emerging as one of the fastest-growing, most dynamic tech and creative markets in Los Angeles. The property is adjacent to both the new Exposition/Crenshaw light rail station of the LAX line and the existing Exposition/Crenshaw light rail station of the Expo line, which connects three of the regionís predominant employment centers, Santa Monica, Culver City and Downtown Los Angeles.





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