A joint venture of Harridge Development Group, Silverpeak Real Estate Partners and Urban Green Investments has upsized a $115 million loan for mixed-use multifamily developments on Los Angeles’ Wilshire Blvd. The financing represents the modification of a $34 million loan originated in 2022.
The new loan will be used for the conversion of a mixed-use property at 3240 Wilshire Blvd. and neighboring ground-up midrise multifamily properties at 684 New Hampshire Ave. Together, the properties will feature 277 apartment units and more than 30,500 square feet of retail space. Real estate private equity firm Madison Realty Capital arranged the loan for the joint venture.
Transit-oriented property
The nine-story Wilshire Blvd. property, set on 0.58 acres, will be converted into 107 one-bedroom loft apartments and 29,632 square feet of retail space. Built in 1938, it originally housed the I. Magnin department store. The adjacent property will offer 170 apartment units, with sizes ranging from studio units to two-bedroom apartments. Also incorporated into this building will be 943 square feet of retail space and 256 below-ground parking spaces. Both buildings will showcase sprawling lobbies, as well as a range of common-area amenities.
The properties are located in the city’s Koreatown neighborhood, a lively enclave that has grown with the extension of the Los Angeles Metro Rail’s Purple Line. The properties are near the Wilshire/Vermont subway station and offers convenient connections to Downtown L.A. Last month, Standard Communities acquired a Los Angeles affordable portfolio valued at $122 million.
