Greysteel has secured the refinancing of Appletree Village Apartments, a 125-unit affordable housing community in North Hills, a neighborhood of Los Angeles. The company secured the 12-month, $9 million balance sheet bridge loan as a means to an FHA 223(f) execution on behalf of a Los Angeles-based affordable housing developer.
Located at 9229 Sepulveda Blvd., Appletree Village is alongside Interstate 405, approximately 24 miles from downtown Los Angeles. Additionally, the property is located within walking distance of the Sepulveda/Nordhoff bus stations and provides access to the employment centers of San Fernando Valley. Built in 1982, the community comprises a mix of two- and three-bedroom units, with an average rent of $959 per unit. Features include covered parking, wheelchair accessibility, air conditioning, ovens and ranges.
John Mullen, managing director of Greysteel, secured the financing for the asset.
Image courtesy of Google Street View