March 8, 2020
An Urban Offerings/Meridian Group partnership has received $59.3 million in construction financing to commence development of a 74,055-square-foot, mixed-use creative office building at 5950 Jefferson Blvd. in Culver City, CA.
L.A.-based Dekel Capital arranged the loan for the partners with an institutional fund manager. Funding covers existing structure demolition and construction for a four-story Class-A creative office building, including ground-level retail and parking for 175 automobiles. Construction is expected to be completed by June 2021.
According to Dekel’s Shlomi Ronen, “Urban Offerings is an experienced sponsor with a strong track record of developing well-designed urban infill properties, including three properties immediately adjacent to the site. We saw tremendous interest from the capital markets given the strength of the Culver City office market, and, equally important, the experience and successful performance history of Urban Offerings.”
Connect Los Angeles 2020 is coming up on March 26. It will bring together leading local, regional, and national developers, investors, owners, brokers, financiers and other major players for an afternoon of informative panel discussions, plus networking and cocktails. For more information, or to register, click here.
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