SAN FRANCISCO, CA – The San Francisco office of HFF (Holliday Fenoglio Fowler, L.P.) has secured a $10 million refinancing for The Gaylord Apartments, (top right photo) a 193-unit multifamily property in Los Angeles, California.
Working exclusively on behalf of The Gaylord, LLC, Scott McMullin, (middle left photo) Zane Sweet and John Crump of HFF placed the 1
0-year, interest-only loan fixed at 5.85% with Freddie Mac (Federal Home Loan Mortgage Corporation). Loan proceeds were used to take-out an existing loan with a higher pay-rate and return some equity to the borrower for reinvestment. HFF, a registered Freddie Mac seller/servicer, will also service the loan.
The Gaylord Apartments is located at 3355 Wilshire Boulevard in the Mid-Wilshire area of Los Angeles. Built in 1923, the property operated as a renowned hotel until the mid 1960s when it was converted and renovated into an apartment building. The 13-story building has ground-floor retail with multifamily units on the upper floors and is currently 98% occupied.
“Freddie Mac provided an outstanding loan structure to the borrower,” said Sweet. “In an otherwise challenging real estate market, we have seen multifamily fundamentals sustain in major metro markets. HFF
was able to get Freddie comfortable with the use of loan proceeds based on strength of market fundamentals and of course the undeniable quality of the asset.” HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, note sales and note sale advisory services and commercial loan servicing.
CONTACTS:
Zane N. Sweet, HFF Director, 415 276 6300, zsweet@hfflp.com
Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com
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