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.