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3650 West Martin Luther Kin...

David Schwartzman Of Harridge Development Group Secures $135 Million Loan For Retail Redevelopment In Los Angeles
FINANCEDRetail

David Schwartzman Of Harridge Development Group Secures $135 Million Loan For Retail Redevelopment In Los Angeles

3650 West Martin Luther King Junior Boulevard

$135,000,000

$155/SF

Building Size

870,000 SF

Asset Type

Retail

Closing

Jun 24, 2026

AI

The property asset involved is a retail space located at 3650 West Martin Luther King Junior Boulevard in Los Angeles, CA. This property spans 870,000 square feet and sits on 43 acres. Harridge Development Group acquired the Baldwin Hills Crenshaw Plaza for $111 million in 2021 and is now advancing its redevelopment plans.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $135,000,000
  • Lender: Schroders Capital
  • Landlord: David Schwartzman - Harridge Development Group
  • Planned Development: 961 residential units, a 400-key hotel, retail and office space
  • Current Phase: Demolition of a former Sears building for 92 residential units

The transaction showcases the involvement of David Schwartzman, representing Harridge Development Group in securing financing for the project. Schroders Capital serves as the lender, backing the company's efforts to transform the retail space into a mixed-use development.

Players

Schroders Capital
Schroders CapitalLender

New London Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.12%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93