DEAL OF THE DAY: 322-Unit Rental Community Recapitalized at $100M
- Jul 31, 2008
By Anuradha Kher, Online News EditorLos Angeles–The Pegasus Apartments, a 322-unit luxury apartment community was recently recapitalized at a value of approximately $100 million with Buchanan Street Partners.The Kor Group purchased this 425,000-sq.-ft. former General Petroleum Headquarters building in 2001 and converted it into luxury rental apartments with modern amenities.The Pegasus Apartments features ground floor retail, including The Daily Grill, at 612 S. Flower St.CBRE’s Capital Markets Group arranged the financing for this loan.According to Brad Korzen, CEO of The Kor Group, “Pegasus was and is a visionary project important to Downtown L.A.’s 24-7 vibrancy. We remain committed to Downtown Los Angeles’s dynamic growth and its emergence as a world-class city.”The Pegasus features studios, one- and two-bedroom rental apartments rising 13 stories at the intersection of S. Flower Street and Wilshire Boulevard. The apartments offer nine-foot ceilings, a rooftop pool and garden, fitness center, on-site retail and gated parking within the building.