Centerline Closes Choice Loan for Westwood Apartment Refinance
- Oct 25, 2013
Los Angeles—New York-based Centerline Capital Group has closed a $5.6 million Fannie Mae Choice Loan to refinance Sharon Towers Apartments in Los Angeles’ upscale Westwood neighborhood. The five-story, 51-unit building is currently 100 percent occupied.
The community, which is owned by Sharon Towers Investment Company LLC, has had significant repairs and renovations during the past three years including unit upgrades that comprise new appliances, flooring, fixtures, faucets and the installation of granite counter-tops. Additionally, the owners also made repairs to the roof and cooling system.
“Sharon Towers is a mid-rise multifamily property in good condition that offers an excellent unit mix and a good amenity package, all desirable features for the prospective tenants in the Westwood area,” says Richard Olrich, managing director at Centerline.
Los Angeles’ Westwood neighborhood, located west of Beverly Hills, is an affluent mix of long-term Los Angeles residents and students at nearby UCLA.
“The borrower has an excellent track record owning and operating multifamily assets in the local area and are long-time Fannie Mae and Centerline customers,” Olrich says. “This was a solid deal for Centerline.”
Sharon Towers Apartments, which was built in in 1971, features two elevators, a heated pool, secure building access and gated, semi-subterranean parking garage.
The loan terms included a 10-year term with 30-year amortization period.