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12/06/16
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D2 Squared Properties, LLC has obtained a $4.5 mil acquisition/bridge loan for a 39-unit, 23.9k sf multifamily property in Van Nuys. The property is located at at 14137 Vanowen St, east of Van Nuys Blvd.
Built in 1963, the garden-style apartment complex is subject to Los Angeles rent control regulations. Of the 39 units, 13 are one-bedroom units, 11 are two-bedroom apartments, and the remainder are studios and efficiencies. The property also includes a pool, laundry facility, and 44 parking spaces.
Eastern Consolidated’s Jonathan Aghravi and Charles Han arranged the loan, which was funded through Hanmi Bank. A portion of loan proceeds were used for the acquisition of the property and the balance will fund the improvements to the asset. The new owner plans to rehab all of the units.
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