Produce LA has secured $52 million in construction financing. The development is a mixed-use opportunity zone project in the Arts District neighborhood of Downtown Los Angeles.
The borrower secured a three-year loan, provided by a balance sheet lender, with a floating rate, two one-year extension options and full-term interest-only payments. Located at 640 South Santa Fe Avenue, the project is a 71,400 square foot development site located within an opportunity zone. When complete, the mixed-use development will stand four stories tall, span 113,600 square feet, and consist of class-A creative office space with restaurant and retail spaces on the ground floor and a 4,300 square foot rooftop terrace offering sweeping views of the Downtown Los Angeles skyline.
This transaction was negotiated by Meridian senior managing director, Seth Grossman, and VP, Sarah Kuebler, who are both based in the company’s Southern California offices.