June 24, 2016
Broadbridge LA, LLC, a joint venture of an affiliate of New York-based Waterbridge Capital and New York-based Continental Equities Group, secured $164.5 million in financing from Jamestown to redevelop the 1.1 million-square-foot Broadway Trade Center in DTLA. New York-based Ackman-Ziff represented Broadbridge LA in securing the lender.
The financing provides capital to continue an extensive renovation currently underway on the 1908 landmark. The planned revitalization of the eight-story building includes incorporating a mix of uses such as a food marketplace, bars and restaurants, retail, hotel, rooftop park and flexible office space.
The ownership team spearheading the transformative redevelopment, Joel Schreiber and Jackie Jangana, say they “plan to create a modern, premier business and tourist destination that will build on the momentum already underway to bring thriving business back to the downtown corridor.”