LOS ANGELES–HFF has arranged a $78 million refinancing for the Alameda Square Campus, anand creative office campus totaling more than 1.6 million sq. ft. in downtown Los Angeles.
HFF worked on behalf of the borrower, a subsidiary of EVOQ Properties Inc., to secure the three-year adjustable-rate loan through Olen Properties. The loan will be used to refinance first and second lien mortgages currently secured by the campus. The new loan will also provide capital to pay tenant improvement andcosts for a recently executed 82,000-sq.-ft. headquarters lease for Splendid and Ella Moss, two subsidiaries of VF Contemporary Brands.
The Alameda Square Campus at 7th and Alameda in downtown L.A. is comprised of approximately 1.4 million sq. ft. of creative office, retail and light manufacturing space situated next to the historic 7th Street Produce Market and a wholesale market comprised of more than 200,000 sq. ft. feet of industrial space. Located near theArts and Fashion Districts, the 32-acre campus is a prime location for the area’s growing enclave of fashion and creative companies. The campus also serves as the world headquarters for major fashion label American Apparel, and up-and-coming fashion brand Groceries Apparel relocated to the campus in late 2012 to expand operations.
The HFF team representing the borrower was led by Senior Managing Director Paul Brindley and Senior Real Estate Analyst Jeff Sause.