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May 27, 2024
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Two L.A. Area Multifamily Refinancings Total $14.7 Mil


Two Los Angeles multifamily properties totaling 147 units were refinanced in separate deals with a combined loan value of $14.7 mil, on behalf of a single investor. The financings, both for TIC borrower structures, were arranged by Ory Schwartz of Northmarq and funded through a life insurance company.

One of the deals was a refi of $8.4 mil for Hillside Terrace, a 79-unit multifamily property built in 1976 and located 7245 Hillside Ave. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule.

Located in the Hollywood Hills near iconic Hollywood Blvd, the property offers easy access to popular landmarks, views, and attractions. The extremely walk-able environment around the property includes Runyon Canyon (0.2 miles), as well as a shopping center, Hillside Terrace, within 0.4 miles. Within a short drive, are four other parks within 5.7 miles. The property is located within 0.8 miles of Musicians Institute and within 1.6 miles of the Los Angeles Film School.

Apartment amenities include high-speed Internet access, air conditioning, heating, smoke free, cable ready, tub/shower, fireplace, dishwasher, disposal, granite countertops, stainless steel appliances, kitchen, microwave, oven, range, refrigerator, hardwood floors, carpet, walk-in closets, double pane windows, window coverings, balcony, and patio. Community amenities include laundry facilities, controlled access, maintenance/property manager, renters insurance program, public transportation, key fob entry, spa, and pool.

In the other transaction, a refi for $6.3 mil was arranged on Gramercy Apartments, a 68-unit multifamily property built in 1988 and located at 550 South Gramercy Place in Los Angeles. The permanent-fixed loan was structured with a 10-year term on a 30-year amortization schedule.

Located in Koreatown, residents at Gramercy Apartments have easy access to cultural landmarks, restaurants and dining, as well as three shopping centers in under 0.4 miles. Five parks/recreational facilities are located within 4.4 miles, including: MacArthur Park Lake (2.3 miles), La Brea Tar Pits (2.7 miles), Zimmer Children’s Museum (3.6 miles), Vista Hermosa Natural Park (4.4 miles), and Echo Park Lake (4.4 miles). The property features hardwood floors and on-site laundry facilities.

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