Northmarq closes $23M sale and $12.53M financing for West Hollywood multifamily asset

WEST HOLLYWOOD, Calif. — Northmarq has completed the $23 million sale and arranged $12.53 million in acquisition financing for Terraces at La Cienega, a 48-unit multifamily community located in the heart of West Hollywood.

The transaction was a joint effort between Northmarq’s Westlake Village, Los Angeles and Newport Beach offices. Vince Norris, Jim Fisher, Mike Smith, Steven Goldstein and Tommy Yates represented both the seller, Hankey Capital, and buyer, Regent Properties, in partnership with Amoroso Companies and Arselle Investments.

“We are excited to have been selected by Hankey to introduce this opportunity to the market,” said Norris. “This location is arguably one of the finest in the city, offering various strategic options, including deed restricted affordable housing. We presented Hankey with several offers, leading to a successful closing that satisfied both the buyer and seller.”

Scott Botsford, Joe Giordani and Brendan Golding secured the financing on behalf of Regent Properties through Northmarq’s in-house Fannie Mae DUS platform. The loan was structured with a five-year term.

“It was a pleasure to work with Regent Properties once again on a quick-close acquisition financing assignment,” said Giordani. “To meet the tight timeline of the sale transaction, our process had to be highly streamlined. Working closely with the buyer’s team, we were able to deliver best execution efficiently and on schedule.”

Originally built in 1990, Terraces at La Cienega has undergone extensive renovations, including the addition of six accessory dwelling unit (ADU) studios. Interior upgrades feature full-size washers and dryers, Scandia-style cabinetry, subway tile backsplashes, stone countertops, stainless steel appliances and wood-style flooring.

Located just steps from West Hollywood’s premier dining, nightlife and retail destinations, the property offers residents a walkable lifestyle in one of L.A.’s most vibrant communities.

Terraces at La Cienega stands out as one of the few institutional-grade multifamily assets in its submarket. Since 1990, only 16 buildings of comparable size have been developed in the City of West Hollywood, underscoring the property’s rarity and long-term investment appeal.