LOS ANGELES—Waterbridge Capital has completed the purchase of the Broadway Trade Center in Downtown Los Angeles. As part of the closing, Waterbridge Capital and its partner Jack Jangana secured the first tranche of a $140 million senior bridge loan, which will be used for the acquisition and renovation of the property.

“The sponsor was seeking a flexible, non-recourse lender for the project,” Charlie Rose, director at Canyon Capital Realty Advisors, tells GlobeSt.com. Canyon Capital Realty Partners funded the loan in partnership with Hudson Pacific Properties. “Canyon was able to structure the loan for a quick closing in a highly structured transaction, allowing for the sponsor to acquire the project and immediately commence redevelopment activities,” adds Rose.

In an earlier story, GlobeSt.com reported that the New York-based equity fund entered into an agreement to purchase the property from an undisclosed private family owner. Although the purchase price was undisclosed, industry sources unrelated to the deal say Waterbridge bought the property for $38 million. The additional funds will be used to transform the property into a creative office complex over the next 24 months.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.