Northmarq arranges $33.5M sale and $22.7M acquisition financing of TENTEN Glendale mid-rise apartments.

GLENDALE, Calif. — Northmarq’s Los Angeles (Westlake Village) Multifamily Investment Sales team led by Vince Norris, Jim Fisher, Mike Smith and Tommy Yates, in collaboration with its Newport Beach Debt + Equity team led by Joe Giordani, Brendan Golding and Scott Botsford, successfully arranged the sale and financing of TENTEN Glendale, a 66-unit mid-rise apartment community located at 111 N. Louise St in Glendale, California.

Northmarq represented the seller/developer, Amidi Group, in the transaction, and secured the buyer, Regent Properties.

“We are thrilled to have the opportunity to represent the Amidi Group in this very unique property,” Norris said. “Regent recognized all of the qualities that the Amidi Group incorporated into this community, and they’re looking forward to a return to the Glendale market.”

Northmarq arranged the $22.7 million bridge loan financing on behalf of the borrower, Regent Properties, through a correspondent relationship with a life insurance company. The transaction was structured on an initial two-year term with three one-year extension options. The loan consists of full-term interest only payments and includes flexible prepayment terms. No interest rate cap was required by the lender.

“Can’t say enough about all parties involved in this transaction,” Giordani said. “It was a pleasure working with Regent Properties and matching them with such a great lender. This life company came out of the gates with a very attractive spread relative to the competition and held that spread throughout the process even though there were multiple external factors negatively influencing the greater markets.”

Built in 2019, TENTEN Glendale offers residents a Class A multifamily community with condo-quality construction walking distance from premier shopping at both The Americana at Brand and the Glendale Galleria. The property features studio, one- and two-bedroom floorplans with fully furnished units. Apartments include spacious floor plans, floor-to-ceiling windows, personal balcony availability, stainless steel appliances, in-home washer and dryer, custom closet built-ins, quartz countertops and open concept layouts.

Community amenities include a rooftop pool and spa, fitness center, business center, on-site office/retail, and a pet-friendly environment.

TENTEN Glendale is situated amid street art, tree-lined streets, coffee shops, food, shopping and more. Residents are within close proximity of performing arts and recreation. It has close access to the Ventura Freeway and Interstate 5, and it is roughly 2.5 miles from Griffith Park and 10 miles from downtown Los Angeles.