Madison Realty Capital Increases Bridge Loan To $115M For Los Angeles Mixed-Use Conversion And Multifamily Development In Koreatown

Madison Realty Capital has increased its bridge loan to $115 million for a Los Angeles construction project. The project is a partnership between Madison Realty Capital, Harridge Development Group, Silverpeak Real Estate Partners, and Urban Green Investments. The loan will fund the conversion of a mixed-use property located at 3240 Wilshire Boulevard in Koreatown, Los Angeles. It will also support the development of a new mid-rise multifamily building on 684 New Hampshire Avenue. The project will include 277 apartment units and over 30,500 square feet of retail space.

Summary of transaction details

• Property Type: Development Site
• Loan Amount: $115,000,000
• Loan Type: Bridge Loan
• Lender: Madison Realty Capital - Josh Zegen
• Landlord: Harridge Development Group; Silverpeak Real Estate Partners - Brett Bossung; Urban Green Investments - David McCloskey

The loan from Madison Realty Capital is a modification and upsize of a $34 million loan originated in 2022. This increased loan amount will provide the necessary funds for the construction and development of the two properties.