Massie Capital Management has secured $22.5 million in financing for the William Penn Apartments, a 189-unit community in Los Angeles, Calif.
Built in 1928, the community is located at 2208 W. 8th St., in the Koreatown neighborhood. The seven-story property consists of studio apartments that are newly remodeled. Amenities at the community include a courtyard with fountain, fire pits and lounge seating, a 24-hour fitness center, resident storage, bike racks and courtesy patrol service. The property was 94 percent occupied when the deal closed and is currently undergoing renovations to the units.
Working on behalf of the borrower, an HFF debt placement team led by John Marshall and Devo Dykstra arranged to place the five-year, floating-rate loan with a debt fund. Loan proceeds were used to return equity to investors and provide future funding to renovate units at the property.
“Massie Capital focuses on identifying mispriced assets and delivering affordable, well-designed space to its tenants,” said Brian Massie, principal of Massie Capital Management, in prepared remarks. “The William Penn’s pioneering submarket and business plan required a unique lending partner. HFF was able to clear the market quickly and bring a closely held relationship with a lender who understood our vision for the property and provided local, accessible asset management for draw requests.”
Earlier this month, a joint venture between Hankey Investment Co. and Jamison Properties broke ground on a 25-story, $300 million residential development on Wilshire Boulevard in Koreatown.
Image courtesy of HFF