Northmarq arranges $16.25M refinance for Hobart Villa and Kingsley Grand Apartments in Koreatown
LOS ANGELES — Northmarq’s San Diego Debt + Equity team led by Aaron Beck, Conor Freeman, Wyatt Campbell, Bryce Quezada, and Robbie Driscoll arranged the $16.25 million fixed-rate loan for Hobart Villa (pictured above) and Kingsley Grand apartments, two multifamily properties totaling 157 units located in the Koreatown neighborhood of Los Angeles.
Northmarq arranged the financing on behalf of the borrower through its relationship with a correspondent insurance company. The non-recourse, long-term loan includes a fixed rate and partial interest only payments.
“These two assets produced very competitive quotes from more than a half dozen lenders including the agencies, insurance companies and banks due to the low leverage request and durable cash flow generated by each property,” Beck said.
“Our client ultimately chose an insurance company option for its attractive interest rate, ease of execution, and post-closing flexibility,” Freeman said.
The Koreatown submarket is one of the most vibrant and densely populated neighborhoods in Los Angeles with high barriers to entry. Despite new supply being added to the submarket in recent years, Hobart Villa and Kingsley Grand have maintained strong occupancy and outperformed the market. The properties will continue to provide naturally affordable housing to residents of the neighborhood.
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