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August 21, 2018
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Los Angeles Multifamily Development Lands $35 Mil in Financing

8/06/18

Lion Real Estate Group has obtained $35 mil in financing on EastView Apartments, a newly completed, 121-unit, Class A apartment property adjacent to Downtown Los Angeles. The property is located at 327 N. Boylston St, just outside of DTLA, Silverlake and Echo Park.

EastView Apartments comprises a mix of contemporary studio, one- and two-bedroom units ranging from 555 sf to 1.3k sf. EastView Apartments offers residents unobstructed views of the city skyline; a fifth-floor sky deck with firepit, grills and dining tables; co-working lounge with refreshment bar and large-screen TV; swimming pool with hot tub and lounge; state-of-the-art fitness center; secured parking; bike share program; and electric car charging stations.

Marc Schillinger and Peter Berges with HFF arranged the 12-year, fixed-rate loan with an insurance company. The loan, which funded immediately upon receipt of the temporary certificate of occupancy (TCO), includes five years of interest only payments and multiple future funding mechanisms. The rate was locked for three months prior to funding with a spread in the low 100’s.

“We identified that competitive construction take-out financing was available before the property was stabilized due to the quality of the asset and the strength of the sponsorship,” Schillinger said. “Lion locked in the rate before the project was completed and the loan funded immediately at TCO. This allowed Lion to pay off the construction loan and mitigate interest rate fluctuation while they were leasing up the property.”





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