Waterbridge Capital's Joel Schreiber Signs Loan Extension on Los Angeles Office Tower

Joel Schreiber, founder and CEO of Waterbridge Capital, recently obtained a loan extension for debt related to the purchase of Union Bank Plaza in Los Angeles. He secured this extension by repaying approximately 40% of the $75 million he owed for acquiring the property.

Key Figures Involved

Don Hankey, Chairman of the Hankey Group, facilitated the loan extension. Notably, Hankey had previously provided financial assistance for former President Donald Trump’s $175 million appeal bond.

Property Acquisition Context

Schreiber's acquisition of Union Bank Plaza, a 40-story office tower, took place shortly before the implementation of Los Angeles' new transfer tax law, colloquially referred to as the "mansion tax." This tax imposes a 5.5% levy on properties sold for over $10 million.

Financial Implications and Uncertainties

Although Schreiber managed to settle a significant portion of his debt, the source of capital for this repayment remains undisclosed. Furthermore, Hankey Capital's financing was initially intended as a bridge loan rather than permanent financing.

Response and Commentary

Neither Hankey Capital nor Waterbridge officials provided immediate comments on the loan extension. Despite avoiding default on his Union Bank Plaza loans, Schreiber continues to grapple with financial challenges, notably facing substantial court judgments in New York due to violations of loan agreements related to his investments in WeWork.