RENTV: Markwood Enterprises to Reposition Downtown L.A. Garage Property
LA-based Markwood Enterprises has received a $23.1 mil bridge and construction loan for the repositioning of the historic nine-level 900 South Hill Street Garage located in the heart of downtown Los Angeles. The financing was arranged by Mark Fisher, Alex Furnary and Val Achtemeier with CBRE’s Capital Markets’ Debt & Structured Finance team.
Markwood will use the money to construct an additional floor and combine and expanded the ground floor space to accommodate a single tenant, Erewhon, a popular organic market. The top three floors will be re-purposed as creative office space and the balance of space will continue to operate as a garage.
“We fully intend to maintain this historic structure’s beautiful façade while internally upgrading the building and repurposing it as a modern mixed-use facility,” said David Wright, the project’s manager.
“This building’s slightly larger construction component makes it what is known in the business as ‘a heavy lift,’ limiting the field of bridge lenders,” said CBRE’s Fisher. “However, as an existing garage that can perpetually generate income and with Erewhon coming in as the new anchor tenant, we believed these factors greatly mitigated the risk.”