Westside Los Angeles Community Refinanced As Market Adjusts to Influx of New Inventory
- Jun 16, 2015
A multifamily community located at a meeting point between the Palms, Mar Vista and West L.A. was recently involved in a refinancing worth a total of $31.8 million. Oak Grove Capital Vice President Levi Brooker was the originator of the loan, acting on behalf of the owner of the Westwood Villa Apartments.
According to the nationwide mortgage lender, the financing was put in place through the FHA 223(f). The new 35-year, fully amortizing loan has an attractive interest rate of less than 3.25 percent, but also eliminated the future balloon maturity risk.
Westwood Villa Apartments is a 204-unit market rate apartment property that offers residents an attractive amenity package. Residents benefit from common fixtures such as a pool, complimentary WiFi, covered parking, laundry facilities, on call maintenance, as well as controlled access. Units offer air conditioning, garbage disposal, appliances and large closets. Community apartments are available in three floorplans: studio, one-bedroom, and one-bedroom with a den.
Rent levels are rising in the Los Angeles metro, although development is poised to maintain a good pace. Added inventory also means that vacancy is on the rise in L.A., which, combined with improving submarkets around the Westside Cities, will temper the growth of rents in Los Angeles, as per Marcus & Millichap data. Apparently this is a good time to refinance and take safeguards such as eliminating the future balloon maturity risk.
Image courtesy of 2901sepulveda.com