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Meridian Capital Arranges $52M in Construction Financing for Mixed-Use Project in Los Angeles

Produce-LA-Los-Angeles-CA

Located in downtown Los Angeles, Produce LA will feature 113,600 square feet of creative office space and ground-floor restaurant and retail space.

LOS ANGELES — Meridian Capital Group has arranged $52 million in non-recourse construction financing for Produce LA, a speculative mixed-use development located in Los Angeles.

The three-year loan, which a balance sheet lender provided, features a floating rate, two one-year extension options and full-term interest-only payments. Seth Grossman and Sarah Kuebler of Meridian negotiated the financing for the undisclosed borrower.

Located at 640 S. Santa Fe Ave., the 71,400-square-foot development site is located within an Opportunity Zone in the Arts District of downtown Los Angeles. When complete, the four-story, 113,600-square-foot property will feature Class A creative office space with ground-floor restaurant and retail space and a 4,300-square-foot rooftop terrace. Additionally, the project will sit above two levels of subterranean parking and include an adjacent 64-stall surface lot, totaling 216 parking spaces for the property.

Produce LA is also located adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park slated to open in 2020, as well as the proposed Sixth Street metro station.

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