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Ratkovich to Redevelop The Bowcroft Collection

The Ratkovich Co. — a downtown-based real estate development company specializing in urban infill and rehabilitation of landmark properties — has closed on a $41 million non-recourse financing package for its recently acquired Bowcroft Collection property near Culver City with the help of J.P. Morgan Global Alternatives.

The Bowcroft Collection is a group of four connected bow-truss buildings totaling 73,035 square feet, spanning from 5950-5978 Bowcroft St., near the intersection of Jefferson and Obama Boulevards. The owner intends to reimagine the assets as a next-generation creative campus. The property is located near the trendy Hayden Tract area and situated near a cluster of large office users, including Amazon, Apple, WarnerMedia, Sony, TikTok, Nike and Adobe.

“This debt package will allow us to position the Bowcroft Collection as a best-in-class entertainment, tech and media campus in one of the country’s hottest submarkets,” Brian Saenger, president and chief executive officer of The Ratkovich Co., said in a statement. “The fact that we were able to secure commercial non-recourse bridge financing is a testament to the strength of this asset, and especially our partnership with J.P. Morgan.”

Michael Friedman led the J.P. Morgan team in securing the debt package. Rob Rubano and Brian Share of Cushman & Wakefield represented the borrower in arranging the financing. Jeff Forsythe represented the lender, Torrey Pines Bank.

“Obtaining this attractive financing package is an important advancement towards the vision we share for The Bowcroft Collection with our partner, The Ratkovich Co., a recognized expert in re-imagining, re-positioning and re-developing historic projects,” Friedman, executive director of debt capital markets at J.P. Morgan Asset Management – Real Estate Americas, said in a statement.

Forsythe, senior vice president at Torrey Pines Bank, praised the Ratkovich Co. as a talented developer.

“This is a powerhouse team that will ensure a successful project,” Forsythe said.

Location serves as a compelling factor for the development of a media campus. In addition to being composed of low-rise, bow truss warehouse space that is in high demand by entertainment and technology companies looking for flexible space, the Bowcroft Collection benefits from the surrounding creative economy with its proximity to Culver City. The campus also includes space for approximately 140 surface parking stalls.

The Ratkovich Co. has developed large-scale projects geared toward the entertainment and tech industries in the past, such as the Hercules Campus in Playa Vista, the re-imagined Spruce Goose hangar that is now home to Google and YouTube Studios.

Ratkovich is also responsible for preserving and reinvigorating 18 historic buildings, including the iconic live performance venue the Wiltern Theatre in Koreatown among others.

“This financing package will allow us to turn the Bowcroft Collection into one of the Los Angeles area’s great creative campuses, similar to what the Ratkovich Co. was able to accomplish with the Hercules Campus in Playa Vista,” said Milan Ratkovich, executive vice president of the Ratkovich Co. “This city will always be the home of the creative economy, and I am excited for the next great company to set up shop at the Bowcroft Collection.”

In addition to the Bowcroft Collection, the company is partnering with Jerico Development, Inc. on West Harbor, a 42-acre dining and entertainment destination on the L.A. Waterfront in San Pedro, which officially broke ground in November.

When completed, the retail property will feature food and unique options including Bark Social, a dog-friendly bar and off-leash beer garden, whale watching tour provider Harbor Breeze Cruises, a chef-driven food hall and the first-ever satellite location of iconic Hollywood restaurant Yamashiro.

West Harbor recently secured a $90 million financing package that included $55 million in C-PACE financing.

Paola Mendez
Paola Mendez
Paola Mendez graduated from Los Angeles Valley College, then transferred to University of California, and now serves as a Receptionist and Office Assistant to the Los Angeles Business Journal. Paola wears many hats in different departments and is trilingual in English, Spanish and French.
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