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12/12/18
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Oceans V has secured $50.9 mil in construction financing to reposition a vacant office building into the Cambria Hotel and Suites, a 180-room, full-service hotel in downtown Los Angeles. The loan was arranged by HFF’s Matthew Stewart and Blake Malecha and was funded through Mosaic Real Estate Investors.
At present, Cambria Hotel and Suites is a vacant, 14-story office building that was originally constructed in 1928. The redevelopment will preserve the building’s distinguished and architecturally significant facades, while converting the space to a hotel with a restaurant, 2.5k sf of meeting and event space, a fitness center and unobstructed views of the downtown LA skyline from upper floors.
Situated at 419 South Spring Street, the hotel site is at the corner of Spring and 4th Streets in the heart of downtown LA’s Historic Core. It is one of six buildings in the area along Spring Street’s Gallery Row, the epicenter of the city’s monthly Downtown Art Walk, and steps away from the Spring Street Park and Pershing Square, downtown Los Angeles’ largest open-air park, which is currently undergoing a $1.5 mil revitalization project. The property is also near boutique shopping; upscale, trendy restaurants and nightlife destinations; and cultural entertainment.
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