REAL ESTATE

Los Angeles’ $160 million One Santa Fe ‘tops out’

BY Michael Fickes

Los Angeles — The largest residential development currently under construction in downtown Los Angeles, One Santa Fe has been “topped out” by Bernards, the commercial builder directing the project.

Construction companies “top out” projects when they add the last beam to the top of a building.

Slated for completion in December 2014, the $160 million One Santa Fe is a mixed-use transit oriented development in downtown L.A. The project is a joint venture between Goldman Sachs Urban Investment Group and McGregor, Cowley and Polis.

Located in the Los Angeles Arts District, directly across from the Southern California Institute of Architecture, the four-acre site is owned by the Metropolitan Transit Authority and is close to Red Line and Purple Line entry points.

One Santa Fe is a five-story, 790,000-sq.-ft. project that will provide 438 residences and 78,620 sq. ft. of commercial space. The commercial component will include Metro offices, a grocery market, art gallery and theater. Amenities include 50,000 sq. ft. of public outdoor space with vertical gardens, a pool, outdoor terrace, streetscape elements, a pocket park and a rooftop garden. The structure also provides three levels for parking.

Funding for One Santa Fe came from a combination of public and private capital sources. The housing component received tax-exempt bonds issued by the California Housing Finance Agency and guaranteed by the U.S. Department of Housing and Urban Development plus low-income tax-credit equity provided by Goldman Sachs Urban Investment Group.

The commercial component was financed by a loan from the City of Los Angeles; tax-credit equity provided by the Goldman Sachs Group; tax credit allocations by Clearing house CDFI, a lending corporation focused on community development projects; and two local nonprofits established by the city to secure redevelopment funding, LA Economic Growth Corporation and the Los Angeles Development Fund.

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REAL ESTATE

StreetMac to manage recapitalized Stratford Square Mall

BY Michael Fickes

Northbrook, Ill.StreetMac Asset Managers and Five Mile Capital Partners LLC have joined forces to recapitalize Stratford Square Mall in Bloomingdale, Ill.

The 1.3 million-sq.-ft. mall features more than 100 stores and restaurants, a 14-screen cinema complex and national retail anchors including Macy’s, Sears, Carson Pirie Scott, J.C. Penney, Kohl’s and Burlington Coat Factory.

The recapitalization came about when an affiliate of Five Mile Capital Partners gained control of Stratford Square in November 2011 by purchasing the mall’s distressed debt. Following the recapitalization, StreetMac Joined the transaction as the operating partner, taking an equity stake in the property alongside Five Mile and assuming management and leasing responsibilities.

This is StreetMac’s third retail mall investment in affiliation with Five Mile Capital Partners.

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REAL ESTATE

DryClean NYC takes upper Manhattan location

BY Michael Fickes

New York — DryClean NYC has signed a lease for a fourth location in Upper Manhattan, according to Faith Hope Consolo, chairman, Joseph A. Aquino, executive VP and Arthur Maglio of Douglas Elliman’s Retail Group, who arranged the lease. The new store will open at 708 St. Nicholas Avenue, between 145 and 146th Streets.

This is the fifth lease the Retail Group has arranged in the building. The other four stores include Sugar Hill Medical Plaza, Unity Wines & Spirits, W Dental and Metro PCS.

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