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8/21/23
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3050 W. 11th St, Los Angeles |
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JLL CAPITAL MARKETS -- Chris Collins and Brad Vansant with JLL Capital Market arranged $16.7 mil in construction take-out financing for The Hobart, a 39-unit, Class A mid-rise multi-housing community located at 3050 W. 11th St in the Koreatown submarket of Los Angeles. Newly built in 2023 by the borrower, Jannone Development, the community consists of a six-story rental building that offers a diverse unit mix of one-bedroom, two-bedroom and three-bedroom floorplans ranging from 877 sf to 1.4k sf. The larger unit sizes and unit mix are unique for Korea Town. The property features convenient walkability to the nearly 900 different entertainment venues, restaurants, and bars throughout Koreatown and proximate to the Metro Purple Line, which includes the Wilshire, Western & Wilshire and Normandie stations. This allows for an easy commute to surrounding employment hubs in Downtown Los Angeles, Hollywood and the San Fernando Valley. Additionally, residents benefit from easy access to Los Angeles’ major transportation routes interstate 10, 110 and highway 101. The two-year loan has a floating rate.
BWE -- Arash Kouhi with BWE arranged a $10 mil construction loan for the ground-up development of a new 733-unit self-storage facility in downtown Lancaster, CA. Located in a mixed-use area with nearby commercial, retail and residential properties, the 80k sf development will feature a fortress-style design with a modern office, a state-of-the-art security system, and climate-controlled units. Purposefully designed to optimize tenant demand, the facility features a desirable product mix. 53% of the units are designated as drive-up storage, while the remaining 47% will be climate-controlled with air conditioning. The average unit size is 110 sf. The loan was funded through a credit union on behalf of Frontera Real Estate Investments. The loan has a 15-year term with three years of interest-only payments.
LUCENT CAPITAL -- Adam Emrani with Lucent Capital arranged $10 mil in cash-out refinancing for two office properties in La Quinta, CA and Bakersfield, CA. The loan of the Bakersfield property was for 65% LTV. It is for 10 years; fixed for five years at a rate of 5.68% The La Quinta loan is at a 60% LTV. It is for a 15-year term; fixed for seven years at a rate of 6.21%.
RED OAK CAPITAL HOLDINGS -- Red Oak Capital Holdings has provided a $2.3 mil bridge loan to the owner of the Templecliff Apartments in Southeast Dallas. The borrower will use the funds to retire an existing mortgage and implement a capital improvement program to increase the property’s value and appeal to prospective buyers. Templecliff Apartments consists of a 21.6k sf, garden-style complex with parking for 53 cars and 26 one- and two-bedroom units ranging from 750 sf to 1.1k sf. Situated on a 1.2-acre site at 1234 Templecliff Dr in Southeast Dallas, the wood-frame and siding structure was built in 1961 and last renovated in 2021. The loan was structured with a note rate of 10.00% and a 12-month term with two six-month renewal options. The debt represents 71.65% of the asset’s “as-is” valuation of $3.21 mil and 62.84% of its “as-stabilized” LTV of $3.66 mil. After refinancing the existing mortgage and completing the capital improvements—specifically, upgrading buildings’ plumbing system, thus reducing utility expenses—the borrower will exit the Red Oak loan with permanent financing via its existing relationship with Freddie Mac or possibly sell the asset.
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