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May 24, 2019
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Los Angeles Apartment Property from 1928 Lands $22.5 Mil in Financing


Massie Capital Management LLC has obtained $22.5 mil in financing for William Penn Apartments, a 189-unit, mid-rise apartment building in Los Angeles. Loan proceeds were used to return equity to investors and provide future funding to renovate units.

Originally constructed in 1928, the William Penn Apartments is located at 2208 W. 8th St, one block south of MacArthur Park in Los Angeles’ Koreatown neighborhood. The property consists of newly remodeled studio floor plans within a seven-story, historic building that offers immediate access to downtown.

On-site amenities include a newly renovated courtyard with fountain, fire pits and lounge seating; a 24-hour fitness center; resident storage; bike racks; and courtesy patrol service. The property was 94% occupied at closing and is currently undergoing unit renovations.

John Marshall and Devon Dykstra with HFF arranged the financing. The five-year, floating-rate loan was funded through a debt fund.

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