AQP Capital Obtains $19M Loan for Greater LA Asset

The firm will use the funds to refinance and expand the property.

AQP Capital has secured a $19.1 million bridge loan for Tower Apartments, a 118-unit multifamily community in Bellflower, Calif., in Greater Los Angeles, according to Yardi Matrix data.

Greystone Managing Director Dale Holzer originated the interest-only two-year term financing, with two six-month extension options.

AQP Capital will use the funds to refinance the community, as well as build an additional 15 units.

Developed in 1959, the three-story property encompasses studio, one-, two- and three-bedroom floorplans. Amenities include a swimming pool and laundry facilities.

AQP Capital purchased the community in 2022 for $23 million, according to Yardi Matrix data. Following the acquisition, the company renovated the asset through a capital expenditure of more than $3.5 million.

Located at 9720 Flower St., the community is nestled in downtown Bellflower, some 3 miles from interstates 605 and 105. Employers such as Kaiser Permanente Medical Group and George Chevrolet are within a 2-mile radius. Lakewood Plaza, a shopping center where residents can find retail, entertainment and dining options such as Little Caesars, Planet Fitness and Fashion Trend, is within less than 2 miles. The property is also within the Bellflower Unified School District, granting residents access to Stephen Foster Elementary School and Mayfair High School.

According to a recent Yardi Matrix report, Bellflower/Paramount rents rose 6.7 percent year-over-year through December, to $2,064, bucking the area’s rent contraction trends.  

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