Madison Realty Lends $115M for Multifamily Developments in L.A.
By Greg Cornfield October 5, 2023 5:10 pm
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Madison Realty Capital is upping its bet on a plan to build two adjacent multifamily complexes in Los Angeles’ Koreatown.
The private equity firm announced Thursday that it upsized its initial $34 million bridge loan from last year to a total commitment of $115 million in the form of a construction loan.
The financing backs a joint venture of Harridge Development Group, Silverpeak Real Estate Partners and Urban Green Investments, and their fully entitled mixed-use development plans to build 277 apartments and more than 30,500 square feet of retail in two buildings. One will rise at 3240 Wilshire Boulevard and the other at 684 New Hampshire Avenue.
The property on Wilshire Boulevard, which was previously home to former luxury department store I. Magnin & Company, will be converted into 107 one-bedroom loft apartments with 29,632 square feet of retail space. The New Hampshire Avenue property will include 170 apartments ranging from studios to two-bedrooms, and include 943 square feet of retail space and 256 below-ground parking spaces. Both buildings will include resident lounges, fitness centers, co-working space, recreation rooms, and rooftop pools and spas.
The transaction marks Madison Realty Capital and Harridge Development’s seventh project together in Greater L.A.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
