Northmarq arranges $15.9M financing for 70-unit Los Angeles development
Los Angeles, Ca. — Northmarq’s Los Angeles Debt + Equity team, led by Juda Penini, announced that it has arranged a $15.9 million construction loan for the development of an income-restricted mid-rise apartment community located at 1201 East 119th Street in Los Angeles, California.
Northmarq structured the financing on behalf of Eleos Ventures through a relationship with a national construction lender. The project is governed by a 55-year deed restriction, with 100% of units set aside for low, very low, and moderate-income households.
“The sponsor is building something meaningful in a part of Los Angeles that hasn’t seen enough new housing, and we were glad to bring the right capital partner alongside them to get this loan across the finish line,” said Penini. “At a time when financing for new multifamily has become increasingly selective, Los Angeles remains one of the most supply-constrained rental markets in the country. We’re proud to help sponsors like this bring much-needed new housing out of the ground.”
The Southeast Los Angeles submarket, where the project is located, has seen limited new construction over the past decade. The project’s unit mix includes 15 studios, 38 one-bedroom units, and 17 two-bedroom units. The mix is designed to serve a broad cross-section of housing-insecure Angelenos, from single adults and seniors on fixed incomes to working couples and small families currently priced out of the surrounding rental market. By pairing the sponsor with the right capital partner, Northmarq helped bring 70 much-needed units of quality rental supply to a community that has long faced a structural shortfall.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
