Square Mile Capital Management LLC and Deutsche Bank are providing $231.6 million in financing for creative offices in Culver City, Square Mile Capital announced Dec. 5. The borrower is Culver City-based Samitaur Constructs.
The portfolio has 319,395 square feet of creative office space.
The first building in the portfolio is a 49,900-square-foot office building fully leased to Nike. The portfolio also has a pair of buildings leased to five tenants including WeWork. The combined buildings are 88,947 square feet. All of the buildings are in Culver City near the Hayden Tract.
Earlier this year Nike sued Samitaur Constructs for $1 million for failure to complete the construction of the building.
The (W)rapper project is also part of the financing. Once completed, the 16-story plus penthouse building will have 180,548-square-feet of office space. The building, which has not yet been leased, will have a steel structure that will wrap around the building. It will be located near Expo Line’s LA Cienega/Jefferson station, near a handful of other new developments in the area.
“This is a unique opportunity to enter into another financing relationship in Los Angeles, a market where we would like to grow,” said Brad Cohen, senior managing director at Square Mile Capital, in a statement. “In this case it’s with an experienced local operator who is developing a project that will include a future Culver City landmark. We believe this transaction demonstrates our platform’s ability to work on complex transactions and deliver creative, flexible solutions that allow us to challenge the market.”
Samitaur Constructs declined to comment or provide additional information on the financing.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
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