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Client Request

Creative Office Redevelopment of an existing department store and clothing manufacturing building.


Situation/Challenges

  • Project located in the up-and-coming Fashion District in Downtown Los Angeles
  • Robust leasing market with climbing rents
  • Extraordinarily complex project allowing for significant renovation optionality, depending on potential entitlements
  • This is the largest project ever taken on by Sponsor

Solution

Dekel Capital showcased comparable projects in the vicinity to prove out Sponsors’ underwriting while highlighting quality of sponsor’s existing portfolio. Dekel located lenders with interest in the project under a variety of different renovation scenarios to provide Sponsors with maximum flexibility. Additionally, Dekel identified an equity partner with an appetite for the entire project and acquainted them with a potential entitlement scenario.