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VCN Plans Mixed-Use Development

CULVER CITY, CA—After buying the Surfas Culinary District, the developer secures a $10 million loan to develop a 100,000-square-foot property on the site.

By Kelsi Maree Borland | Updated on February 27, 2015

CULVER CITY, CA—Developer VCN has purchased the Surfas Culinary District in Culver City, CA, with plans to develop a 100,000-square-foot mixed-use property on the site. The developer purchased the property for $16 million and has secured a $10.2 million loan through Buchanan Street Partners‘ high yield lending program to fund the development.

“Culver city is going through a massive renaissance that has attracted a significant amount of world-class creative office users, new restaurants and residential development,” Tim Ballard, president of Buchanan Street Partners, tells GlobeSt.com. “With that, many existing properties are being redeveloped to meet today’s tenant demands. The subject property is in a premier location, that has a lot of development or redevelopment in the immediate area, that will be very attractive to office, retail and residential tenants.”

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