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December 17, 2018
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West LA Multifamily Refinancing Reaches The Heights in $116 Mil Deal


RW Selby & Co has secured a $116 mil refi loan on The Heights Luxury Apartments, a 582-unit, Class A multifamily property in West Los Angeles. The Fannie Mae Green Rewards loan was arranged by Walker & Dunlop Inc.

The Heights Luxury Apartments, located at 7077 Alvern St, east of the 405 Fwy off Centinela Ave in the Fox Hills area, enjoys skyline views of Los Angeles and the surrounding neighborhood. The property is centrally located in West Los Angeles, adjacent to Playa Vista and the emerging Silicon Beach corridor to the West, and Culver City to the North. Additionally, the property lies within 2.5 miles of the future LA Rams Stadium and 1.5 miles from a future light rail metro station.

The garden-style community consists of one- and two-bedroom apartments. All units feature private patios or balconies, top floor units feature vaulted ceilings and select top floor units include a loft with a private rooftop patio. Community amenities include a state-of-the-art fitness center, two resort-style pools and spas, clubhouse, full-size recreation room, movie theater, library, and business center.

W&Ds Trevor Fase negotiated the financing, and was able to achieve a Fannie Mae Streamlined Rate Lock (SRL) execution within hours of being so directed by the borrower. Following implementation of changes required by the Green Rewards program, the property is projected to achieve a 22.5% reduction in water usage, and increased efficiencies in its utilities.

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