Northmarq secures $60.5M in acquisition financing for historic multifamily portfolio in Los Angeles
LOS ANGELES — Managing Director Zalmi Klyne of Northmarq’s Los Angeles-based Debt + Equity team arranged a $60.5 million senior loan for the acquisition of five historic apartment buildings in Los Angeles.
The portfolio includes:
- Park Wilshire | 170 units | 2424 Wilshire Blvd.
- The Langham | 181 units | 715 S. Normandie Ave.
- The Sir Francis Drake | 61 units | 841 S. Serrano Ave.
- The Fontenoy | 51 units | 1811 Whitley Ave.
- The Piccadilly | 74 units | 682 Irolo St.
Northmarq arranged acquisition financing on behalf of the borrower, Concord Capital Partners, through a correspondent relationship with Arbor Realty Trust.
“This closing reflects our ability to stay flexible and get creative to meet our clients’ goals, even in a challenging market environment,” said Klyne.
“We were attracted to these properties because of their favorable pricing relative to historical sales, replacement costs, and what we view as the intrinsic value of the assets,” said Reuben Robin, Concord Chief Executive Officer and founding principal. “The properties have seen strong Class A renter demographics across nearly a full century of market cycles.”
Constructed in the late 1920s, these properties have been meticulously maintained and feature grand lobbies, ornate facades, landscaped courtyards and panoramic city views. Concord Capital Partners will be rolling out targeted improvements to elevate each property, while maintaining the historical integrity of the buildings.
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