And it's back on--and officially this time. Highlighting the difficulties of getting financing in this market, a construction loan was finalized this week for the Madrone, that 180-unit half-finished building at the corner of Hollywood Boulevard and La Brea Avenue. Formerly owned by John Laing Urban, the project sold at a trustee sale last August to Resmark Equity Partners, a local real estate investment firm. But then it took a while to hammer out the loan on the condo project. Susan Wilson, Senior Vice President, Investment Underwriting at Resmark notes in an email this morning that the the ownership LLC recorded a construction loan with US Bank on Monday June 7, 2010.
"Construction has officially recommenced as of June 8, 2010 with the first tasks at hand to clean up the site, take down the old scaffolding, and get the needed subcontractors out on the site," she writes. Meanwhile, we're told George Smith Partners, a real estate investment banking firm, handled the loan. Additionally, the project will be renamed and rebranded--anyone want to take a stab at naming this building? UPDATE: While the project will be built as condos, the building will be a rental until the market improves, according to Wilson.
· It's Back, Baby [Curbed LA]