MERUELO MADDUX PROPERTIES, INC.

MERUELO MADDUX PROPERTIES, INC.

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Company Overview
Meruelo Maddux Properties, Inc., headquartered in Los Angeles, California, USA, is a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties located in downtown Los Angeles and other densely populated urban areas in California that are undergoing demographic or economic changes.
Meruelo Maddux is involved in a wide range of project types, including food industry, wholesale market, small tenant industrial and residential properties. These projects are predominantly located in a densely urban, multi-ethnic environment, involve numerous local entitlement, property assemblage and physical challenges and are opportunities frequently overlooked by mainstream institutional investors and developers. The company focuses on properties that have alternate, more profitable uses achievable through major renovation, redevelopment or development. The company believes that it can earn high risk-adjusted returns on the redevelopment of re-emerging urban markets than on initial development.
Meruelo Maddux has invested more than $700 million in real estate since 1987, primarily in downtown Los Angeles. The company has ownership, lease with rights to purchase and has rights to acquire interests in 34 development and redevelopment projects and 19 projects that have been developed. Additionally, Meruelo Maddux employs specialists in urban site identification, land planning, design development, architecture, construction oversight, financial underwriting, real estate law and property management. The company’s employees have close working relationships with local and national lending institutions, local government officials and community and labor leaders, and are active in the real estate financial and brokerage community in Los Angeles.
Business Summary
Meruelo Maddux Properties, Inc. (MMPI) is a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties located in downtown Los Angeles and other urban areas in California. As of December 31, 2009, it owned 43 projects, including 27 rental projects and 16 projects held for real estate development. On March 26 and 27, 2009, MMPI and 53 of its direct and indirect subsidiaries and affiliates (the MMPI Debtors) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division (the Bankruptcy Court). On September 3, 2009, two additional MMPI subsidiaries, Meruelo Maddux-845 S. Flower Street, LLC (845 Flower) and Meruelo Chinatown, LLC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.
Description and history
Meruelo Maddux Properties, Inc. (MMPI), incorporated on July 5, 2006, is a self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties located in downtown Los Angeles and other urban areas in California. As of December 31, 2009, it owned 43 projects, including 27 rental projects and 16 projects held for real estate development. The Company’s operations are predominantly carried on through, and its assets are owned through, Meruelo Maddux Properties, L.P., its operating partnership. As of December 31, 2009, MMPI held a 99.6% interest in the operating partnership. On March 26 and 27, 2009, MMPI and 53 of its direct and indirect subsidiaries and affiliates (the MMPI Debtors) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code) in the United States Bankruptcy Court for the Central District of California, San Fernando Valley Division (the Bankruptcy Court). On September 3, 2009, two additional MMPI subsidiaries, Meruelo Maddux-845 S. Flower Street, LLC (845 Flower) and Meruelo Chinatown, LLC (Meruelo Chinatown, together with 845 Flower, the Flower Debtors), filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.

Most of the Company’s projects are located in or around the downtown area of Los Angeles, and all of its projects are in Southern California. The Company operates its businesses and manages its properties that are in Chapter 11 proceedings as debtors and debtors-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. During the year ended December 31, 2009, the Company completed construction on the residential portion of the Union Lofts project, and the project was 89.1% leased as of June 18, 2010. In October 2009, MMPI substantially completed construction on its 214-unit luxury residential tower at 705 W. Ninth Street. On April 26, 2010, MMPI sold its 705 W. Ninth Street project. On April 30, 2009, the Company completed the sale of its rental project at 500 Mateo Street. On July 13, 2009, MMPI completed the sale of its development project at 146 E Front Street. On September 18, 2009, the Company completed the sale of its development project at Camfield Retail Center.

Business Line
A self-managed, full-service real estate company that develops, redevelops and owns commercial and residential properties located in downtown Los Angeles and other densely populated urban areas in California that are undergoing demographic or economic changes
Subsidiary

Advisor
ERNST & YOUNG LLP
IPO date
1/30/2007
US SIC Code
6531
Company Address
BUILDING 1, SECOND FLOOR
761, TERMINAL STREET
City province or state postal code
90021-1100, LOS ANGELES, CA
Phone: +1 213 291 2800
Fax:
Country address: UNITED STATES OF AMERICA
Website url: www.meruelomaddux.com