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February 27, 2021
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Picasso Brentwood a Masterpiece in Equity Capital Financing


By Allen Wolfsheimer

George Elkins Mortgage Banking recently arranged $8.5 mil in joint venture equity capital on behalf of Metropolitan Pacific for the development of a new, 81-unit residential project in West Los Angeles. Called Picasso Brentwood, the development is expected to break ground in spring of 2013, once all entitlements and permits are in hand.

The development, to be constructed on three contiguous parcels at 12027-12035 Wilshire Blvd, just east of Bundy Dr, will be five stories tall and will include 10k sf of ground floor retail along with two levels of subterranean parking. It is one of three mixed-use projects currently underway by Metropolitan Pacific in the West Los Angeles/Santa Monica sub-market.

Picasso Brentwood is slated to offer 48 studio units, 26 one-bedroom units and seven two-bedroom units. Eight units, or 10% of the development, will be designated as affordable housing. The developers expect the project to cater to the growing demand for smaller units in West Los Angeles.

The architect for the project is Johannes Van Tilberg of Van Tilburg, Banvard, & Soderbergh, AIA. Van Tilberg is also a partner in the development with John Warfel and Metropolitan Pacific. As of this writing, a general contractor has not yet been selected.

George Elkins principals, Steven Hinds and Mike Presser, arranged the financing, which they placed with Reinsurance Group of America (RGA). RGA, an institutional equity partner, offered a favorable promote structure while also taking on some entitlement risk in the project. Although the construction money has yet to be finalized, we’re told that they expect to be getting a 60% - 65% loan to cost, non-recourse construction loan once the entitlements and permits are set.

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