April 6, 2016
Los Angeles-based The Ratkovich Company, along with partners National Real Estate Advisors and Blue Vista Capital, secured a $225-million permanent loan for The Bloc, a 1.8-million-square-foot, mixed-use property in the financial district of DTLA. Loan proceeds will eliminate an existing CMBS loan inherited by the redevelopment group, as well as used to complete construction and fund leasing costs.
The Bloc is slated to open this summer, following a radical transformation into an open-air urban destination. Anchored by a re-envisioned flagship Macy’s, the center will offer Angelenos a curated experience of design-oriented, artisanal retailers and restaurateurs, as well as an updated office building and renovated 496-room Sheraton hotel.
HFF’s John Crump, Paul Brindley and Matt Stewart worked with an institutional balance sheet lender to secure financing on behalf of the ownership group.