Ratkovich, J.P. Morgan Secure $41M for Bowcroft Collection in LA
By Greg Cornfield January 13, 2023 6:50 pm
reprints
Who said office financing was dead?
The Ratkovich Company (TRC) and J.P. Morgan announced the closing of a $41 million loan package for the recently acquired Bowcroft Collection development in Los Angeles near Culver City. Torrey Pines Bank provided the nonrecourse financing.
The 3-acre property includes four connected bow truss buildings with 73,035 square feet at 5950-5978 Bowcroft Street, near the intersection of Jefferson and Obama boulevards. Ratkovich plans to redevelop the site into a next-generation creative campus for the entertainment, tech and media industries. It’s near Culver City’s Hayden Tract and other major office tenants, including Amazon, Apple, WarnerMedia, Sony, TikTok and Nike. The borrowers acquired the property for $49.6 million.
“This financing package will allow us to turn the Bowcroft Collection into one of the Los Angeles area’s great creative campuses, similar to what TRC was able to accomplish with the Hercules Campus in Playa Vista,” Executive Vice President Milan Ratkovich said in a statement. “This city will always be the home of the creative economy, and I am excited for the next great company to set up shop at the Bowcroft Collection.”
L.A.-based Ratkovich specializes in urban infill and historic rehabilitation such as the Hercules Campus, home to Google and YouTube Studios. Ratkovich is also building the West Harbor development, a 42-acre dining and entertainment destination in San Pedro with partner Jerico Development.
Michael Friedman led the J.P. Morgan team in securing the debt package. Rob Rubano and Brian Share of Cushman & Wakefield (CWK) represented the borrower in arranging the financing. Jeff Forsythe represented Torrey Pines Bank.
“Despite the current headwinds in capital markets, debt capital is still available for the right deals backed by the right sponsorship,” Share said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
