Northmarq finalizes $20.8 million in acquisition financing for residential/office/retail property in Los Angeles, California
(EDITOR’S NOTE: According to public documents reviewed by The Registry, the two properties traded for $32.5 million. The building located at 2024 West 6th Street sold for $17,750,000, while the building at 2065 West 6th Street was sold for $14,750,000. The properties were sold by an entity affiliated with Los Angeles-based Jamison Realty, and the buyer was an entity associated with Moorpark, Calif.-based Moorpark Capital’s Yaacov Brenenson.)
LOS ANGELES, CALIFORNIA (November 21, 2022) – Zalmi Klyne, senior vice president/managing director of Northmarq’s Los Angeles debt/equity team, arranged acquisition financing of $20.8 million for a mixed-use property containing 72,746 sq. ft. across two 4-floor buildings containing 66 studio apartments. The mIxed-use property is located at 2024 and 2065 West 6th Street in Los Angeles, California and was 81 percent occupied at the time of acquisition.
The transaction was structured with a 3-year fixed bridge loan with interest only payments. Northmarq arranged the fixed-rate bridge loan (which was locked at application) for the borrower through its relationship with a local bank.
“Although the market had a lot of interest rate volatility and treasuries rose over 65 bps from when we signed up the deal, we were able to get the lender to hold the original rate and close the loan in less than 60 days from application,” said Klyne.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes. More information on Stan Johnson Company and Four Pillars Capital Markets may be found on their websites.