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April 18, 2021
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MULTIFAMILY NEWS
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Res Development in L.A.ís Los Feliz Area Lands $35 Mil in Permanent Financing

4/01/21

The 1860 Apartments, an 87-unit multifamily development in L.A.ís Los Feliz area, was refinanced with a new permanent loan for $35 mil, replacing the original construction financing. The five-story development, which includes 6k sf of ground gloor retail, is located at 1860 N Western Ave, on the southeast corner of Franklin and Western. It is slated to deliver in Q4 2022.

Gantryís George Mitsanas, Peter Hillakas and Andrew Curtis with the firmís Los Angeles office identified and structured the loan on behalf of the borrower, a Los Angeles-based developer. The seven-year loan was funded through a life insurance company, with terms featuring interest-only during the construction loan period followed by a 30-year amortization at a very competitive interest rate. The loan features an earn-out component for a total debt capitalization of $35 mil.

Gantry will be the loan servicer. The firm also advised the borrower on the placement of a mezzanine loan.




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