MERUELO MADDUX PROPERTIES CLOSES $84M CONSTRUCTION LOAN

LOS ANGELES — Meruelo Maddux Properties Inc. has received an $84 million loan for the construction of a 35-story, high-rise multifamily project, which is located at 717 W. Ninth St. in Los Angeles. The loan will be used to fund the remaining development needs of the project, fund an interest payment reserve and fund a real estate tax and insurance reserve. Located at the intersection of Flower and Ninth streets in downtown Los Angeles, the project will feature 214 luxury apartment homes with resort-style amenities, including a lap pool and whirlpool spa, a fitness facility, a living room/library and an outdoor social area with barbeque grills and fire pits. Additionally, the project is seeking LEED Silver certification. The financing was provided by an affiliate of Canyon Capital Realty Advisors LLC.