Canyon Capital, Hudson Pacific Provide $140M Loan for L.A.’s Broadway Trade Center
- Aug 27, 2014
Canyon Capital Realty Advisors L.L.C. and partner Hudson Pacific Properties Inc. have made a move that paves the way for Waterbridge Capital and investor Jack Jangana to redevelop the 1 million-square-foot Broadway Trade Center in downtown Los Angeles. Canyon and Hudson will provide the joint venture with a $140 million senior bridge loan, and the partners have already funded the first tranche.
Broadway Trade Center is about as historic as Los Angeles commercial properties get. Completed in 1908, the nine-story structure was originally home to the A. Hamburger & Sons department store until the May Co. acquired the property in 1923. As the May Company Building, it housed the retail store until the mid-1980s, when it became a multi-use retail trade center. Now, more than a century after its opening, the building is on the verge of a new life.
Waterbridge and Jangana plan to transform the vintage property into a premier destination that offers creative office space and flagship retail spaces on the ground and second floors while also respecting its historic architecture.
“We are pleased to provide the financing for this transformational project, which will continue the renaissance of the historic Broadway corridor, one of the most exciting emerging retail, entertainment and office hubs in Los Angeles,” said Charlie Rose, a director at Canyon Capital. “Canyon was founded in Los Angeles, is headquartered in Los Angeles, and has a distinct and longstanding interest in investing in emerging markets in our city, such as the Broadway Corridor.”