CGI Strategies Lands $42M Refi for Koreatown Apartments
- May 06, 2021
A CBRE Global Investors-sponsored fund has closed on a $41.5 million loan for the 122-unit Mariposa on 3rd in Los Angeles. The floating-rate financing has an initial three-year term and the possibility to extend the maturity date with two more years.
Yardi Matrix data shows the debt will retire a $26.2 million construction loan that the owner— CGI Strategies— took out in 2017, with Umpqua Bank providing the financing. The property broke ground back at the end of 2019.
Located at 269 S. Mariposa Ave., at the apex of Koreatown and Mid-Wilshire, the community is less than 4 miles from downtown Los Angeles and 17 miles from Los Angeles International Airport. Additionally, the property is within a highly walkable area with a variety of dining, entertainment and shopping choices.
Completed last year, the community comprises one- and two-bedroom apartments in a seven-story building with common-area amenities including a rooftop terrace, a pet washing station, subterranean parking and 4,800 square feet of ground-floor retail space. According to CBRE Global Investors Managing Director Charles Kim, the property was almost 90 percent occupied at the time of the deal.