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5/10/21
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A CBRE Global Investors-sponsored fund has locked up a $41.5 mil refi loan on Mariposa on 3rd, a recently built apartment building in Los Angeles. The floating-rate loan has an initial term of three years and can extend up to two additional years.
The 122-unit building is located at 269 South Mariposa Ave, in the heart of LA’s Koreatown neighborhood, at the border with Mid-Wilshire. Home to several of LA’s trendiest clubs, bars, live music venues and restaurants, Koreatown and Mid-Wilshire are renowned for their nightlife and dining options, while Downtown LA is only a few minutes away. Los Angeles International Airport is a 30-minute drive from the property.
Mariposa on 3rd rises seven stories and is situated three miles northwest of Downtown Los Angeles. In addition to a mix of one- and two-bedroom apartments, the property includes a state-of-the-art fitness center, a rooftop terrace, a pet washing station, a clubhouse, subterranean parking and 4.8k sf of ground-floor retail space. The property will also feature a 1k sf electronic billboard. Unit finishes include stainless-steel appliances, walk-in closets, balconies, and in-unit washer/dryers.
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