Deals and Debt
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Big news for today from both ends of America. In Los Angeles County, a team that includes a co-founder of dating app Tinder has paid $211 million for a mixed-use complex on Wilshire Rodeo Drive. In New York, a prominent ownership group secured an extension on a troubled loan tied to one of its office buildings.
— Tom Acitelli, Deputy Editor
Tinder Founder Leads $211M Mixed-Use Deal on Beverly Hills’ Rodeo Drive
Tinder co-founder Justin Mateen has swiped right on a premium piece of real estate in Beverly Hills. Mateen, his brother Tyler Mateen and their brother-in-law (and local investor) Pouya Abdi have purchased Wilshire Rodeo Plaza, a mixed-use complex on the 100 block of Beverly Hills’ famed Rodeo Drive, from seller Nuveen for a cool $211 million. Tyler Mateen is the CEO of L.A.-based real estate investment firm Cannon TTM, while Abdi serves as principal of Parallel Acquisitions & Holdings. Quantum Capital Partners advised the trio on a loan provided by J.P. Morgan Chase, though the loan amount was not immediately available. The 300,000-square-foot property, which spans an entire city block, comprises three six-story office and retail buildings between Rodeo Drive and Camden Drive, as well as a separate three-story office building on Rodeo Drive.
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Aby Rosen Secures Short-Term Extension on Troubled 285 Madison Avenue Loan
RFR Holding founder Aby Rosen has been granted a short-term extension on his troubled loan tied to 285 Madison Avenue. Rosen now has until November to pay off the $222 million commercial mortgage-backed securities (CMBS) loan collateralized by the 530,000-square-foot prewar office building, according to Morningstar Credit. A spokesperson for RFR did not immediately respond to a request for comment. Rosen, along with RFR co-founder Michael Fuchs, has poured $65 million into renovating 285 Madison after buying it in 2012. Since then, RFR has signed deals with new office tenants such as fashion brand Tommy Hilfiger, which began leasing nearly half the building in 2019, Commercial Observer previously reported.
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