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8/02/17
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Friedman Capital has secured $4.5 mil in bridge financing for the acquisition and condominium conversion of Patio del Moro, a seven-unit, courtyard-style apartment community in West Hollywood. The property is located at 8225-8237 Fountain Ave, west of Crescent Heights Blvd and south of Sunset Blvd.
Built in 1926 by renowned architects Arthur and Nina Zwebell, Patio del Moro is a historically-designated and architecturally-significant property that was once home to some of the most prominent celebrities in Hollywood history, including Charlie Chaplin, Paulette Goddard, Joan Fontaine, Humphrey Bogart, and Suzanne Pleshette.
Designed in the Spanish Revival courtyard style with distinct Moorish features, Patio del Moro offers average unit sizes of 1.4k sf, which are larger than average for this submarket. The unit mix consists of mostly two- and three-bedroom apartments. Located just one block south of the Sunset Strip, in close proximity to a plethora of high-end restaurants, retailers, and music venues, Patio del Moro is situated in the heart of West Hollywood, a supply-constrained, high-demand Los Angeles submarket.
Zachary Streit with George Smith Partners arranged the loan, which was funded through a bank with a national lending platform. Sized to 65% of cost, the bridge loan is interest-only and floats at prime plus 0.5%.
“This condo conversion is one of the first to take place in West Hollywood since the Recession, a sign that condos are making a comeback in Los Angeles,” explains Streit. “The property’s historic significance, coupled with its irreplaceable urban-infill location, presented an attractive investment opportunity to capitalize on the demand for housing in West Hollywood. This deal reflects a renewed investor interest in for-sale residences, as well as strong lender appetite for condos in this market.”
The sponsor, Brian Friedman investing through his family office Friedman Capital, is a private equity, venture capitalist, and commercial real estate investor developer who has been involved in the conversion and sale of more than 1,000 condominium units over the last 20 years. He founded Friedman Capital in 2008, and is also the founder and managing partner of Foxhall Partners in Washington DC. Brian purchased this property with his older brother Jay, who has been a resident of Hollywood for decades. Upon acquisition, the sponsor plans to renovate the property and apply for a Mills Act Tax Abatement, which provides economic incentives for the restoration and preservation of historic buildings by private owners.
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