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May 24, 2018
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Recently Completed Culver City Project Lands $47 Mil in Financing


Runyon Group has obtained $47 mil in refi money on Platform, a just-completed, 75k sf, transit-oriented project in the popular Hayden Tract district of Culver City on Los Angeles’ Westside. The 10-year, non-recourse loan was arranged by Quantum Capital Partners.

Runyon Group will use the proceeds from the financing to retire construction debt and equity on the mixed-use project, which was completed in late 2016. Platform consists of six buildings across two acres. It contains 40k sf of creative office along with 35k sf of retail and restaurant space.

The retail component is 98 percent leased to a complementary mix of high-end regional and international specialty shops, fashion boutiques, and eateries. Tenants include Reformation, Magasin, SoulCycle, and a collaboration between Curve and internationally lauded British designer Tom Dixon called The Shop. Food and beverage providers include Loqui, Blue Bottle Coffee, Van Leeuwen, Sweetgreen, and The Cannibal. All of the merchants and chefs at Platform are either first to market or doing a unique concept for the space.

The 35.2k sf office component is 100 percent leased and is the creative headquarters of Reformation, SoulCycle, digital advertising firm Criteo, and restaurant company Sweetgreen. Platform is the reimagining of a four-acre 1960s Los Angeles auto dealership adjacent to the Culver City station of Metro’s new Expo Light Rail line, which runs from Downtown Los Angeles to the beach in Santa Monica.

The transaction was arranged by Quantum’s Mike Yim and Jonathan Hakakha, who tell us that Runyon had multiple financing solutions from which to choose. They went with Wells Fargo, whose financing allowed Runyon to secure maximum permanent loan proceeds at attractive rates before the property reached stabilization.

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