NEW YORK--(BUSINESS WIRE)--Broadbridge LA, LLC, a joint venture of an affiliate of Waterbridge Capital – Joel Schreiber, and Continental Equities Group – Jack Jangana, announced today that it has secured $164.5 million in financing from Jamestown to redevelop the 1.1 million-square-foot Broadway Trade Center in downtown Los Angeles. Jamestown, a leading real estate investment and management firm that has developed well-known properties such as Chelsea Market in New York, Ponce City Market in Atlanta and Ghirardelli Square in San Francisco, will provide financing to assist in the development of the project. Institutional real estate investment capital advisor Ackman-Ziff represented Broadbridge LA, LLC in securing Jamestown as the lender.
“We are excited to spearhead the revitalization of this historic downtown building,” said Joel Schreiber and Jackie Jangana ownership of Broadbridge LA LLC. “We plan to create a modern, premier business and tourist destination that will build on the momentum already underway to bring thriving business back to the downtown corridor.”
The financing will provide the necessary capital to continue the building’s extensive renovation, which is currently underway. The overhaul as currently planned will revitalize the eight-story building, a downtown landmark since it was completed in 1908. Plans call for a mixed-use complex to include a food marketplace, bars and restaurants, retail, hotel, rooftop park, and more. The building will also feature flexible office space with large floorplates, enabling thousands of jobs to be located within steps of housing also being constructed within the surrounding neighborhood.
“This is a very exciting period for downtown, and the timing of this financing enabling us to move forward is ideal,” said Lewis Horne, President, CBRE, Greater Los Angeles, Orange County. “With all the recent retail leasing activity that has been going on in downtown and on Broadway, this project is well positioned for success as it is located in one of the hottest markets in this city and arguably the country.”
Originally the home of Hamburger’s Department Store and acquired by the May Company in 1923, the Broadway Trade Center’s makeover will be a significant step in bringing new life to the Broadway Corridor. Once the cultural heart of downtown Los Angeles, the neighborhood endured years of neglect, culminating with the closure of the May Company flagship store in 1986. In recent years, the area has begun a transformation, with a surge in new retail and restaurants supported by city investment in downtown transportation and infrastructure. With the dramatic growth in the residential population, the neighborhood is now ripe for the addition of creative office space and boutique hotel development to create a 24-hour, mixed-use neighborhood.
“The Broadway Corridor is poised to make a comeback as the urban heart of Los Angeles, and we’re pleased that we can assist as a lender on this transformative redevelopment project,” said Michael Phillips, President of Jamestown. “We are committed to investing our resources in projects that transform spaces into true destinations through innovative mixed-use components, and we’re confident in the future of the Broadway Trade Center and the surrounding neighborhood.”
Jamestown’s property holdings in Los Angeles include Brunswig Square, an office/retail building located in the heart of Little Tokyo; Malibu Village, a lifestyle retail project located in the Civic Center of Malibu; and Lantana, a collection of four creative Class A office buildings adjacent to the new Expo line in the Santa Monica Media District.
Jamestown, L.P. was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Over the last 33 years, Jamestown has expanded into a national, vertically integrated real estate operator with approximately $11.1 billion of assets under management. Jamestown’s capabilities include: acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability and risk management. Jamestown has headquarters in Atlanta, GA, and New York, NY and additional offices in Boston, MA and San Francisco, CA. For more information, visit www.jamestownlp.com.
About Continental Equities Group
Continental Equities Group has been active in the Manhattan real estate market since 1998, accumulating over 2,000,000 square feet of assets. They are a boutique firm owned by the three Jangana siblings, specializing in both commercial and high-end residential projects in some of New York City’s most prestigious neighborhoods. Jack Jangana whom initially ventured into the downtown LA market, has been a force for visualizing the optimal potential of properties. The firm is active in all aspects of acquisitions, developments, and property management, and is currently working on the national growth of their brand and portfolio.
Ackman-Ziff is a world leading institutional real estate capital advisor, specializing in structuring and placing debt, mezzanine, and equity for many of the globe’s preeminent institutional investors and entrepreneurs for over 90 years. www.ackmanziff.com