Friday, October 16, 2015

George Smith Partners Secures $20.9 Million in Financing for Acquisition of Gershwin Apartments in Hollywood, CA

Gershwin Apartments, Hollywood, CA

 LOS ANGELES, CA – Commercial real estate investment banking firm George Smith Partners has successfully secured $20.9 million in bridge financing on behalf of its client, Massie Capital and Glenn & Shannon Dellimore for the $25 million acquisition of Gershwin Apartments, a 163-unit apartment community including 10,500 square feet of ground floor retail space located in Hollywood, California.

  The bridge financing was arranged by George Smith Partners Principal Shahin Yazdi.

Shahin Yazdi
The property, a five-story historic brick building constructed in 1927, was formerly known as the Gershwin Hotel, which was redeveloped into an apartment community in 2013 by the previous owner, CIM Group.

“Hollywood is an up and coming area in the Los Angeles market,” said Yazdi.  “This city has truly experienced a revitalization in recent years, and is now seeing an influx of young professionals seeking a trendy, urban lifestyle.”

The Gershwin Apartments property is located on Hollywood and Western, an area that has been rapidly growing and has had many new development projects in recent years, according to Yazdi.

“This area of the city offers tremendous potential for investors who want to capitalize on the market’s trend towards urbanization,” he explained. 

“Located less than one block from the Red Line stop at Western Boulevard, the Gershwin Apartments were designed to leverage current demand for urban product. The asset features a mix of small units, including 105 efficiency units with kitchenettes that total less than 350 square feet each.”

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

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

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