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4/05/16
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In a big financing deal, The Ratkovich Company, National Real Estate Advisors and Blue Vista Capital have secured a $225 mil permanent loan to finance THE BLOC, a 1.8 msf, urban destination in the heart of Downtown Los Angeles.
The new loan replaces an existing CMBS loan inherited upon purchase of the property in 2013 with a final payoff amount of approximately $121.6 mil, and provides for additional proceeds to finalize the redevelopment and fund leasing costs at the property. The ownership group, advised by John Crump, Paul Brindley and Matt Stewart of HFF, worked with an institutional balance sheet lender on the financing.
Bounded by 7th, 8th, Hope and Flower Streets, THE BLOC will open this summer following a radical transformation from a 1970s-style mall to an open-air urban destination. Anchored by a completely renovated flagship, 250k sf Macy’s, THE BLOC will offer Angelenos a curated experience of design-oriented, artisanal retailers and restaurateurs, as well as a state of the art, creative-leaning, 700k sf office building and glamorously renovated 496-room Sheraton Los Angeles Downtown. There will also be a multi-level public plaza, and a rooftop garden lounge atop the office tower.
Originally built in 1973 by architect Charles Luckman, the development will be the single largest mixed-use property in Los Angeles where consumers can work, sleep, shop and eat. THE BLOC will be LEED certified and will be the first full city block designated as a Delos WELL Building Project in the world.
“As we enter the final stretch of construction, this financial commitment underscores the collective excitement we all share for the future impact of this project,” said Wayne Ratkovich, CEO of The Ratkovich Company. “The added flexibility provided by this investment will help us to continue realizing our goal of providing Angelenos with a truly transformational community cornerstone at THE BLOC.”
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