Koreatown building receives $ 42 million loan
A recently completed multi-family building in Koreatown received a mortgage loan of $ 41.5 million.
The 122-unit Mariposa on the 3rd, located at 269 S. Mariposa Ave., offers a mix of one and two bedroom apartments. It also has a fitness center, rooftop patio, pet wash, clubhouse, parking, and 4,800 square feet of retail space. ground floor.
The variable rate loan has an initial term of three years but can be extended for two more years.
CBRE Group Inc. was the lender. The borrower was not disclosed.
“Mariposa on 3rd was delivered last year and is already almost 90% occupied. We believe that the initial strong interest and rental activity of the property is due to its exquisite finishes, useful amenities and convenient location in Koreatown, ”said Charles Kim, Managing Director of CBRE Global Investors, in a communicated.
“The building is within walking distance to some of the area’s best dining and entertainment options and only minutes from downtown Los Angeles and other popular employment centers in the city,” he added.
There have been other notable multi-family loans recently. Earlier this year, six apartment buildings in Beverly Hills, West Hollywood and North Hollywood received $ 56.5 million in loans.
The owner of the 210-unit portfolio was anonymous. El Segundo-based mortgage company Venture West Funding Inc. arranged the loan from First Foundation Bank.
Also this year, Capital One provided $ 35.7 million in loans to refinance 17 apartments in Southern California in Covina, El Monte, Lynwood, Pacoima, Torrance and Whittier, as well as in San Diego, Riverside and Orange Counties.
The buildings range from five to 54 units and are owned by Positive Investments Inc., based in Arcadia.
Late last year, a Janone Development multi-family project near Koreatown received a $ 16.6 million construction loan for a 39-unit project.
Parkview Financial provided the funding.
In September, brokerage firm Jones Lang LaSalle Inc. announced that it had arranged a loan of nearly $ 57 million for a multi-family portfolio on the Westside.
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