A fund sponsored by CBRE Investment Management closed on a $75 million mortgage loan for the refinancing of The 900 Apartments in the Koreatown neighborhood of Los Angeles. The floating-rate loan has a term of three years.
Completed in 2021, The 900 Apartments is a six-story, 193-unit, Class A multifamily community located at 900 South Vermont Avenue and includes a mix of studio, one- and two-bedroom units. The units feature terrazzo countertops, stainless-steel appliances, full kitchen backsplashes, washers/dryers in-unit, hardwood-style flooring, keyless door entry and walk-in closets in select units. Residents also have access to various community amenities that include a fitness center, clubroom with lounge area, on-site co-working space with a conference room, a rooftop deck with grilling stations and a subterranean parking garage.
“This transaction was an attractive opportunity to lend on a high-quality asset that is well-situated in the Koreatown market,” said Charles Kim, Managing Director for CBRE Investment Management. “Since delivering in late 2021, this property has demonstrated strong leasing velocity and is expected to reach stabilized occupancy within the next few months. We believe that the property’s excellent location, nearby walkable amenities and convenient access to public transit will allow it to remain a premier destination for tenants for the long-term.”
“CBRE Investment Management met the borrower’s required timeline, which was aggressive, and provided a favorable loan structure, which was accretive for the Sponsor’s overall strategy,” said Ed Kim of Berkadia, who arranged the loan on behalf of the sponsor.
The 900 Apartments is well-located in Koreatown, with proximity to the I-10 Freeway providing convenient access to the nearby business and entertainment hubs of Downtown Los Angeles and Hollywood. Residents of the property also benefit from its accessibility to several nearby retail amenities (including restaurants, bars, grocery stores and coffee houses) as well as public transit via the Los Angeles Metro Rail system at the Wilshire/Vermont Metro Station.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $141.9 billion in assets under management* as of December 31, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients.
