LOS ANGELES, CALIFORNIA (February 2, 2023) — Ory Schwartz, senior vice president/managing director of Northmarq’s Los Angeles debt/equity office, arranged combined financing of $14.7 million for two multifamily properties consisting of 147 units in Los Angeles, California. Northmarq arranged the transactions for a regional development company through its correspondent relationship with a life insurance company.
“These were low leverage loans to two TIC borrower structures,” said Schwartz. “Our life company relationship offered the most flexibility with regard to requested transfer provisions as well as the ability to lock rate at application.”
Hillside Terrace: Northmarq arranged refinancing of $8.4 million for the 79-unit multifamily property (built in 1976) located 7245 Hillside Avenue. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule.
Located in the Hollywood Hills near the famous Hollywood Boulevard, the property offers easy access to popular landmarks, views, and attractions. The extremely walk-able environment around the property includes Runyon Canyon (0.2 miles), as well as a shopping center, Hillside Terrace, within 0.4 miles. Within a short drive, are four other parks within 5.7 miles. The property is located within 0.8 miles of Musicians Institute and within 1.6 miles of the Los Angeles Film School.
Apartment amenities include: High-speed internet access, air conditioning, heating, smoke free, cable ready, tub/shower, fireplace, dishwasher, disposal, granite countertops, stainless steel appliances, kitchen, microwave, oven, range, refrigerator, hardwood floors, carpet, walk-in closets, double pane windows, window coverings, balcony, and patio. Community amenities include: Package service, laundry facilities, controlled access, maintenance/property manager, renters insurance program, public transportation, key fob entry, spa, and pool.
Gramercy Apartments: Northmarq arranged refinancing of $6.3 million for the 68-unit multifamily property (built in 1988) located 550 South Gramercy Place in Los Angeles, California. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule.
Located in Koreatown, residents have easy access to cultural landmarks, restaurants and dining, as well as three shopping centers in under 0.4 miles. Five parks/recreational facilities are located within 4.4 miles, including: MacArthur Park Lake (2.3 miles), La Brea Tar Pits (2.7 miles), Zimmer Children’s Museum (3.6 miles), Vista Hermosa Natural Park (4.4 miles), and Echo Park Lake (4.4 miles). The property features hardwood floors and on-site laundry facilities.