Arc Capital Partners has obtained $29.3 million in refinancing for Chapman Market, a nearly century-old retail and dining destination in Los Angeles' Koreatown. Voya Investment Management provided the financing for the popular 41,241-square-foot property at 3465 West Sixth Street, also known as Chapman Plaza, which is located along one of Koreatown's main commercial arteries.
Arc Capital acquired the historic asset ten years ago for $30 million. In 2021, the company had already secured a $25.5 million bridge loan. This transaction highlights the continued interest in prominent retail locations within established neighbourhoods.
Historical Significance and Current Use
Opened in 1928, the property was one of the first markets in the Western US designed for automobile use, according to the non-profit L.A. Conservancy. It has been designated a Los Angeles Historic-Cultural Monument, making it a protected cultural asset of the city. Over the years, Chapman Market has evolved into a multi-tenant centre for dining, retail and entertainment.
The offering focuses heavily on Korean cuisine and speciality concepts. Tenants include established names as well as popular newcomers, reflecting Koreatown's vibrant nightlife. This diversity contributes to the location's appeal and ensures high visitor frequency.
Chapman Market's Tenant Structure
- —Restaurants such as Escala, Quarters Korean BBQ, KazuNori, Origin Korean BBQ, Toebang Café, Danbi, BHC Chicken and Uncle Tetsu.
- —Speciality shops including Shibuyala and Tiger Sugar Boba.
- —The popular coffee giant Starbucks.
- —The private club Club HUE, which complements the entertainment offering.
The refinancing was brokered by Joe Giordani, Alex Kane and Karl Weidell of Northmarq, together with Bryan Ley and Tim Kuruzar. Mr Giordani noted that the property's location at the epicentre of Koreatown's lively nightlife is one of its main attractions. This positioning ensures a high frequency of customers and significantly contributes to the business success of the tenants.
