|
3/17/22
|
George Smith Partners has arranged $53.7 mil in non-recourse bridge financing for a six-property portfolio comprising three conventional multifamily properties and three co-living properties in Los Angeles. The financing was arranged on behalf of New York and Los Angeles-based Six Peak Capital and provided by MF1, which is a partnership between Berkshire Residential Investments and Limekiln Real Estate.
Located in submarkets with high levels of rentership, specifically Eagle Rock, North Hollywood, East Hollywood and Koreatown, the portfolio totals 118 units, comprising 278 beds, which are in various stages of lease-up. All six assets feature high-quality amenities, including central heat/air-conditioning, stainless-steel appliances, in-unit washer/dryer, rooftop decks and/or private balconies and luxurious finishes.
Co-living has become a popular, modern solution to the on-going housing shortage and affordability crisis in major cities like Los Angeles and New York City. As a relatively new asset class, co-living has allowed Millennials, Gen Z and others who are entering the workforce for the first time the opportunity to live in cities they otherwise would not be able to afford. Six Peak Capital found that throughout the pandemic, co-living remained resilient as tenants continued to lease co-living bedrooms despite an overall decline in occupancy rates across traditional multifamily properties.
Malcolm Davies, Zack Streit, Drew Sandler, Alexander Rossinsky, Aiden Moran, Brandon Asherian and Ben Tracy of The Davies Group at GSP sourced the financing on behalf of the sponsor.
“Newly delivered multifamily and co-living projects are a direct response to the lack of housing supply in core urban markets. The properties will provide high-quality, affordably priced housing for the community,” commented Davies.
|
|
Return to the Archive page
|
|
|
|
|