Arc Capital Secures $26M for LA’s Landmark Chapman Plaza
The 43,000-square-foot Koreatown hub includes retail and dining
By Greg Cornfield July 19, 2021 7:05 pm
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Arc Capital Partners has secured a $25.5 million bridge loan from New York-based real estate investment trust Ladder Capital to finance a popular retail center and dining hub in Los Angeles’ Koreatown.
The 43,000-square-foot Chapman Plaza is located at 3465 West Sixth Street. L.A.-based Arc Capital Partners acquired the property for $30 million in 2016, records show, and has since completed renovations.
The plaza has been an official cultural monument since 1988, and has more recently been known for its Korean BBQ, Asian desserts and growing nightlife scene. It was constructed in 1928, and is recognized as the world’s first drive-through grocery store.
Malcolm Davies, Drew Sandler, Alexander Rossinsky, Ben Tracy, Brandon Asherian, Aiden Moran and Zack Streit led The Davies Group at L.A.-based George Smith Partners in arranging the financing.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
