Madison Realty Capital Commits $115M for Redevelopment in LA’s Koreatown

Madison Realty Capital (MRC) has upsized its initial bridge loan to a total commitment of $115 million for a construction loan to a joint venture between Harridge Development Group, Silverpeak Real Estate Partners and Urban Green Investments. The loan will be used to convert a mixed-use property located at 3240 Wilshire Blvd. and an adjacent ground-up mid-rise multifamily development at 684 New Hampshire Ave. in Los Angeles into a total of 277 apartment units and more than 30,500 square feet of retail space.

Josh Zegen, managing principal and co-founder of MRC, said “Los Angeles’ Koreatown neighborhood is extremely well-located and vibrant, sitting at the intersection of the city’s entertainment, nightlife and residential neighborhoods. The area has continued to grow rapidly as the LA Metro Purple Line Extension has expanded. We are pleased to further our long-term relationship with Harridge Development and Silverpeak Real Estate and continue to serve as a single source of financing to provide a flexible solution for a highly sophisticated sponsorship group that has already completed all necessary approvals for the development.”

Previously home to luxury department store I. Magnin & Company, the property at 3240 Wilshire Blvd. will be converted into 107 one-bedroom loft apartments with 29,632 square feet of retail space.