News October 04, 2023
Madison Realty upsizes loan to $115M for Koreatown apartments
The Real Deal reported that Madison Realty Capital has provided an additional $81 million to Harridge Development, Silverpeak Real Estate Partners and Urban Green Investments for the construction of two adjacent apartment complexes in Koreatown. The upsized $34 million bridge loan, provided last year, brings the total loan to $115 million. The firms plan to build 107 one-bedroom units, with almost 30,000 square feet of retail, on the Wilshire site, and 170 units with about 950 square feet of retail on the New Hampshire lot. In 2021, Madison provided Harridge with $485 million in construction financing for its $1 billion redevelopment project of Crossroads Hollywood, where Harridge is planning to build studio space and apartments.