Commercial
Northmarq Arranges $29.3M Refi for Koreatown Dining Destination Chapman Market
By Real Estate Wire Staff, . Real Estate Wire.
Arc Capital Partners has secured a $29.3M refinance on Chapman Market, a 41,000 SF multitenant dining and entertainment property at 3465 W. Sixth St. in Koreatown, Los Angeles, according to Bisnow. Northmarq's debt and equity teams, led by Joe Giordani, Alex Kane and Karl Weidell, arranged the financing through a relationship with Voya Investment Management.
Chapman Market's tenant roster includes a private members' club, Quarters Korean BBQ, Starbucks, Origin Korean BBQ and Kazunori, according to Bisnow. The mix of food, beverage and membership-based uses reflects the experiential retail model that has held up better than traditional retail through recent market cycles, though the refinance terms, including rate, loan-to-value and maturity, were not disclosed.
H&S Ventures, the family office of Anaheim Ducks owners Henry and Susan Samueli, in partnership with Waterford Property Co., acquired the Edge Apartments, a 371-unit Class-A multifamily community at 1921 S. Union St. in Anaheim completed in 2019. No sale price was disclosed. CBRE's Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas represented the seller.
In Palm Springs, Coldwell Banker Commercial Lyle & Associates facilitated the $14M sale of the Liebling Building, a 24,000 SF multitenant retail property at 100 N. Palm Canyon Drive. Steve Lyle and Rob Wenthold represented both buyer and seller, neither of whom was identified, according to Bisnow.
On the multifamily side, Marcus & Millichap reported the sale of a 20-unit Pico-Robertson property at 1534 S. Shenandoah St. for $5.4M, or roughly $352 per square foot. Marcus & Millichap Capital Corp. arranged $3.8M in acquisition financing on a 30-year, fully amortizing loan at 70% loan-to-value. Separately, MMCC arranged $12.6M in bridge financing for two adjacent 27-unit apartment complexes in Orange, with an 80% LTV, two-year term and full-term interest-only payments, according to Bisnow.
Chicago-based Waterton acquired Reserve at Chino Hills, a 482-unit garden-style rental community on 20 acres in Chino Hills, though no sale price was disclosed and Bisnow noted public records had not yet reflected the transaction.
Also noted in Bisnow's deal sheet: Ian Schrager and Ed Scheetz secured $116.5M in bridge debt to refinance the Sunset Strip hotel formerly known as The Standard, citing Commercial Observer. The pair acquired the hotel for $112.5M in early 2023 and have been preparing it for a September reopening.
The Chapman Market refinance is the headline transaction of the week's Los Angeles deal activity. Voya's willingness to lend against a food-and-entertainment-anchored asset in Koreatown at this size is a data point worth noting: lender caution around retail has not disappeared, but experiential, high-traffic urban retail continues to find financing where commodity retail does not. What the deal does not tell us is whether the terms reflect a competitive execution or a relationship-driven accommodation, and without rate or LTV disclosure, the economics remain opaque.
Source: https://www.bisnow.com/news/los-angeles/deal-sheet/chapman-market-refinance-los-angeles-deal-sheet