Tuesday, June 4, 2013

George Smith Partners Secures First Non-Recourse Construction Financing Since 2007 for New Condominium Development in Los Angeles Area



   Latitudes at Silverlake condominiums rendering, Silver Lake, CA


LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully arranged the first non-recourse construction loan for a townhome-style condominium development in Los Angeles since the economic downturn in 2007, according to George Smith Partners’ Vice President, Jonathan Lee.

Jonathan Lee
The project, “Latitudes at Silverlake,” will consist of 63 for-sale condominiums, including two-, three-, and four- bedroom floor plans ranging in size from 1,300 to 1,900 square feet. The property will feature a modern architectural design with roof top decks for select units, as well as large common areas and a pool.

“This transaction indicates a turning point for the condo market in the Los Angeles area, demonstrating a renewed confidence surrounding the housing market and urban infill development,” says Lee.  “We were successful in leveraging the highly desirable location of the project in order to secure this unusual non-recourse loan guarantee for our clients.”

Charles Tourtellotte
The $11.8 million loan was secured by George Smith Partners on behalf of a joint venture partnership between Los Angeles-based TAAG Investment Management and a private equity fund.  Lee was assisted by George Smith Partners’ Analyst, Shine Cheng.

The financing will be used for the development of Latitudes at Silverlake, a 63-unit, for-sale condominium project located in the Los Angeles neighborhood of Silver Lake.

According to Lee, Silver Lake is one of the most highly sought-after development sites in the City of Los Angeles.

Shine Cheng
Charles Tourtellotte, President of TAAG Investment Management explains, “The Southern California housing market is shifting. 

  For many years, the development community was focused on for-sale, green field development.  Today, infill development in dense, centrally located areas is growing in popularity - a result of the Los Angeles population’s growing desire to avoid lengthy daily commutes in and out of the City to employment.”

For a complete copy of the company’s news release, please contact:

Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940

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