Search
 

Big Construction Deal Makes an Early Splash in DTLA

Starting off the year strong, Urban Offerings and ESI Ventures place $122 million in JV equity and bridge financing to develop a 250,000-square-foot creative office property in Downtown Los Angeles, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on January 11, 2018

Shlomi Ronen Shlomi Ronen is the managing principal and founder of Dekel Capital.

Construction lending slowed down in 2017, but this year, a big construction deal has already closed in Downtown Los Angeles. Urban Offerings and ESI Ventures have secured $122 million in JV equity and bridge lending to develop a 250,000-square-foot creative office property in the fashion district. The project is composed of two properties, a five-story office property located on S. Los Angeles Ave at 8th Street, and the Deardens building, a four-story property located on S. Main Street at 7th Street, which had operated as a department store since the early 1900′s.

“There is some robust demand for both retail and creative office in that part of Downtown Los Angeles,” Shlomi Ronen, managing partner at Dekel Capital, tells GlobeSt.com. “It is in the heart of the fashion district, and there are a lot of fashion tenants that are still in Downtown L.A., and this creative class needs creative office space.” Ronen secured the funding on behalf of the borrowers, along with Malcolm Davies, Principal/Director at George Smith Partners.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.