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8/26/16
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HFF has arranged $15 mil in financing for HoM @ West Temple, a 67-unit, Class A apartment community in Los Angeles’ Silver Lake submarket. The borrower, Sharp Capital, completed the property in February 2016 and will use the new financing to replace existing construction debt.
HoM @ West Temple features a four-story building with one level dedicated to parking and a 750 sf café on the ground floor. Units have stainless steel appliances, quartz stone countertops, designer fixtures, walk-in closets, polished concrete floors or distressed wood-style flooring, in-unit security systems, and balconies/patios offering views of the garden, city skyline or Hollywood Hills.
Community amenities include a landscaped courtyard, garden, grilling area, 24-hour fitness center, clubhouse with pool table, media center, car charging station and on-site management.
The property is located at 3221 West Temple St, just off the 101 Fwy and Silver Lake Blvd. It is close to Dodger Stadium, Griffith Park and downtown Los Angeles.
The seven-year, 3.51% loan was funded through Principal Real Estate Investors. Principal offered an early rate lock, securing the interest rate three months prior to funding when the property was 50 percent pre-leased in order for Sharp to complete leasing efforts. The HFF debt placement team representing the borrower was led by director Jeff Sause.
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