The Line LA Hotel Lands $100M Financing
Corten Real Estate Partners has provided $100 million in financing to Yucaipa Companies for The Line LA, their 384-key, upscale boutique hotel in Los Angeles, Commercial Observer can first report.
“The Line LA represented a terrific opportunity for Corten to offer a tailored capital solution on a unique lifestyle hospitality asset in a high barrier-to-entry market that is beginning to recover from the pandemic,” Brandon Flury, principal of Corten Real Estate, said in prepared remarks. “We look forward to seeing the hotel restabilize and reach its full potential under the sponsor’s blue-chip stewardship.”
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the financing with a team led by Jordan Ray, Steven Buchwald, Jamie Matheny and Lexington Henn.
“The property is strategically located in Koreatown right between Hollywood and Downtown LA. Locals and guests love the restaurants, bars and active lobby scene. It’s a great midway point to meet in L.A.” Ray said. “We created a market and structured a very attractive deal that met the client’s needs and vision for the asset.”
Located at 3515 Wilshire Boulevard, the hotel was originally built in 1964 and was once the temporary home ofjournalist and author Hunter S. Thompson. Hotel amenities include a pool on the second-floor garden terrace, restaurant and event venues.
Officials at Yucaipa Companies did not immediately respond to a request for comment.
Emily Fu can be reached at efu@commercialobserver.com.
