LA Luxury Community Receives $25M Financing
- Oct 18, 2018
HFF has arranged $25 million in financing for the acquisition of The Line Lofts, a newly developed 82-unit luxury community in Hollywood, Calif. The firm worked on behalf of the borrower, Wilshire Skyline, to secure the 10-year, 4.5 percent fixed-rate loan through a correspondent life insurance company. The non-recourse loan replaced existing construction financing and includes a $5 million future earn-out component at stabilization.
The Line Lofts is situated at 1737 N. Las Palmas Ave. just off Freeway 100, around 8 miles from downtown Los Angeles and 13 miles from Los Angeles International Airport. Additionally, the community is near Hollywood Boulevard and provides access to Santa Monica Boulevard. The recently completed development comprises studios, lofts, one- and two-bedroom units averaging 767 square feet and featuring luxury kitchens and baths, double-pane architectural windows, woodgrain plank flooring and atrium-style outdoor balconies. Communal area amenities include:
- a penthouse-level lounge
- indoor/outdoor recreation center with a kitchen and lofted library
- pool and spa deck
- ground-floor retail
HFF’s debt placement team included Managing Director Mark Wintner. The company has recently arranged the $104 million sale of Meridian at Midtown, a 218-unit residential property in San Jose, Calif.
Image courtesy of Yardi Matrix