Multifamily
Debt & Equity

Northmarq’s Los Angeles debt and equity office secures refinancing of $14 million for UCLA student housing

LOS ANGELES (June 19, 2023) — Zalmi Klyne, senior vice president/managing director of Northmarq’s Los Angeles office finalized construction financing of $14 million for 535 Glenrock Ave in Los Angeles, just blocks away from the University of California, Los Angeles (UCLA). Northmarq arranged the financing for the borrower through its relationship with a commercial bank.

“We took this deal out to market in the first quarter of 2023 when a lot of lenders were no longer lending,” said Klyne. “Despite the downtrend, we were able to find a lender who was comfortable with the borrower’s business plan and experience.”

Plans are fully entitled to demolish the existing structure and build a new six-story, 134-bed student housing property on the 0.186-acre site. The property will feature amenities such as in unit washer and dryer, rooftop patio with BBQ grills and seating areas, full security access with latch key system tied to tenants’ cell phones, fully furnished units, bike racks and electric car charging stations.

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.

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UCLA Housing
Construction Loan
$14,000,000