Waterbridge Capital Receives $75M Loan for Union Bank Plaza in Downtown Los Angeles

LOS ANGELES — Waterbridge Capital has received $75 million in short-term first mortgage debt for its acquisition of Union Bank Plaza in downtown Los Angeles. 

B.H. Properties structured the financing in partnership with Hankey Capital. The quick closing allowed the buyer to acquire the historic high rise at a significant discount and avoid paying an additional 5.5 percent transfer tax under Los Angeles’ newly enacted Measure ULA, which went into effect April 1. 

Newmark’s Kevin Shannon represented the seller in the transaction. Colliers’ Mark Schuessler, Sean Fulp, Ryan Plummer and Jason Roth sourced the financing on behalf of the borrower.