Fully Capitalized Bridge Lender Provides Funds to Support the Acquisition of the Property out of a Bankruptcy Auction Sale

Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, announced it has provided a $52.5 million loan for the acquisition of a lifestyle retail development at 450 South Western Avenue in the Koreatown neighborhood of Los Angeles.

The funds will be used by new owner Jake Sharp Capital to support its acquisition of the 215,812-square-foot property out of a bankruptcy auction sale, and until the asset reaches stabilization. The development has maintained an 88 percent retail occupancy and is anchored by a quality operator in California Market.

“The Koreatown submarket has held up during the pandemic, quality retail remains in high demand, and we are confident the infusion of capital will further stabilize the asset,” said Will Nelson, Senior Vice President of Real Estate Lending at Columbia Pacific Advisors. “450 South Western Avenue is an open-air retail center with ample parking, and we believe it is well positioned to navigate the obstacles of the pandemic and excel as the country begins to recover.”

Built in 2015, the three-story multi-tenant retail shopping center is located in a highly desirable area of Koreatown, with easy access to downtown and West Los Angeles via car or public transportation.

California Market is located on the first floor of the 450 South Western Avenue, which includes 80,000 square feet of retail space. The upper two floors feature a courtyard setting with inline space and a food court. A separate onsite parking garage contains 363 spaces.

ABOUT COLUMBIA PACIFIC ADVISORS

Columbia Pacific Advisors (CPA) manages strategies in real estate investing, real estate lending and opportunistic investment. Columbia Pacific Advisors Bridge Lending is a platform within CPA that serves commercial real estate clients nationwide. A fully capitalized real estate bridge lender, the platform provides short- to intermediate-term loans ranging from $10 million to $100 million on a range of qualified, income producing properties including multifamily, senior housing, affordable housing, hospitality, and self-storage. For more information, visit www.columbiapacific.com.