|
12/19/16
|
Clippinger Investment Properties has obtained $6.17 mil in acquisition and restoration financing for its recent $6.4 mil purchase of the Marathon Apartments, a four-story, 43-unit ($149k/unit) apartment property in Hollywood. The property, formerly known as the Jardinette Apartments, is located at 5128 Marathon St, just north of Melrose Ave and west of Western Ave.
Photo: www.TheFotoFinisher.com |
|
|
The credit facility, provided by Los Angeles-based Calmwater Capital, comprises $4.33 mil in initial funding as a senior secured term loan and $1.84 mil as a delayed draw term loan to finance capital expenditures and interest holdback.
The Jardinette Apartments, constructed in 1929, was designed by modernist architect Richard Neutra as his first commission in the United States. Regarded as one of the first modernist buildings in America, the structure was listed in the National Register of Historic Places in 1986 and designated a Historic-Cultural Landmark by the City of Los Angeles in 1988. The property was featured in Richard Weston’s book Key Buildings of the Twentieth Century, where he called it “America’s first multifamily, International-style building.”
The asset is centrally situated at the intersection of Hollywood, Koreatown, Silver Lake and Hancock Park. With only three of the building’s 43 units currently leased, the borrower plans to refurbish the apartments, while maintaining the structure’s historic and architectural integrity, in order to lease the property up and bring rents to market. Planned renovations consist of all new interiors including flooring, lighting, cabinets and appliances, along with AC/heat in each unit. Common area changes include a rooftop courtyard, recreation room and a gym.
|
|
Return to the Archive page
|
|
|