LOS ANGELES, CALIFORNIA (November 17, 2022) – Zalmi Klyne, senior vice president/managing director of Northmarq’s Los Angeles debt/equity team, arranged acquisition financing of $20.8 million for a mixed-use property containing 72,746 sq. ft. across two 4-floor buildings containing 66 studio apartments. The mixed-use property is located at 2024 and 2065 West 6th Street in Los Angeles, California and was 81 percent occupied at the time of acquisition.
The transaction was structured with a 3-year fixed bridge loan with interest only payments. Northmarq arranged the fixed-rate bridge loan (which was locked at application) for the borrower through its relationship with a local bank.
“Although the market had a lot of interest rate volatility and treasuries rose over 65 bps from when we signed up the deal, we were able to get the lender to hold the original rate and close the loan in less than 60 days from application,” said Klyne.