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Grubb Properties Obtains $20 Mil for Three SoCal Retail to Res Conversions

4/23/24

Bolour Associates has provided over $20 mil in debt financing for the redevelopment of three Southern California retail projects. Upon redevelopment, the sites will deliver 375 new apartment units by North Carolina-based Grubb Properties.

5240 Lankershim Blvd, North Hollywood
5240 Lankershim Blvd, North Hollywood
he three-deal transaction includes:

• 700 Santa Monica Blvd, a 10.5k sf retail property slated for redevelopment into 99 apartment units located minutes from the Santa Monica State Beach and Pier.
• 1200 Vine St, a 27k sf retail property in the heart of Hollywood that will be redeveloped into 151 apartment units.
• 5240 Lankershim Blvd, a 30.9k sf land parcel in North Hollywood with plans for redevelopment into 128 apartment units.

According to Bolour CEO Mark Bolour, the financing they structured provides flexibility to support Grubb’s business plan that will bring hundreds of much-needed new apartments to the supply constrained Los Angeles market.




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