Downtown Los Angeles' The Bloc Receives $225 Million Loan for the “Mixed-Use Project”

The site that will be rebuilt was originally built in 1973 as a traditional mall, but will be transformed into an open-air urban complex.

The Bloc, a 1.1 million-square-foot office that deals with retail and hospitality, have received a $225 million permanent loan to finance their project. The Bloc is located in downtown LA at 700 S. Flower Street. The site originally was a mall when it was built in 1973. The redevelopment will transform the space into an open-air urban complex and will be the largest mixed-use project in the city of Los Angeles. The Bloc is scheduled to open summer 2016, with Macy's taking the helm front-and-center. The Bloc will also offer a variety of artisanal retailers and restaurants, and even a 496-room Sheraton Los Angeles Downtown. Inevitably bound to attract the best quality people. The new loan replaces an existing CMBS loan that was inherited when the property was first bought in 2013, with a final payoff amount of approximately $121.6 million! It will also provide additional proceeds to finalize the redevelopment and fund leasing costs at the property. This financial commitment means that the municipal leaders want downtown Los Angeles to lay the foundation for continued growth for the coming decades. National Real Estate Advisors President, Jeff Kanne, had this to say, “With the grand opening of the project just months away, we are thrilled that we'll soon be able to share The Bloc with the entire Los Angeles community.” Renovation of property is a great way for people to notice you and come flooding into your doors. Renovate your property with hospitality construction services from Parkwest General Contractors. Contact us to build your business.