Saturday, April 9, 2016

George Smith Partners Secures $30 Million in Financing for Development in Rapidly Growing Hollywood, CA Neighborhood

Malcolm Davies
            LOS ANGELES, CA  – Commercial real estate investment banking firm George Smith Partners has successfully secured $30 million in bridge financing for 3.48 acres of fully entitled multifamily development land and a 68,834 square-foot office building in Hollywood, California. 

 Financing was arranged by George Smith Partners’ Principal Malcolm Davies, as well as Kyle Henrickson and Teddy Stutz on behalf of a local Los Angeles developer.

            Davies notes that the site is within one half mile of the Netflix Southern California headquarters, and is situated across from a Super Target that is currently under construction.

“Phase I of the business plan is to finish cap ex, tenant improvements, construction of a parking garage on the adjacent lot.  Phase II of the business plan is to develop two seven-story multifamily buildings on the remaining land,” Davies notes.

“This is a unique project in a rapidly growing neighborhood,” says Davies. “There is a migration underway in Hollywood as companies move East, past the 101 freeway. This planned project will capitalize on the demand that is rising from this movement.”

Kyle Henrickson
Davies explains, “The site is located in one of the strongest office markets in the nation, and is two blocks from the Redline train with easy access to the 101 freeway. 

"These elements make the proposed multifamily project highly desirable for employees in the technology and creative industries, two sectors that are expanding at astonishing rates.”

            “The in-place office lease and continued strength of the multifamily market allowed for the development of the parking garage, which will serve both the office building and the future multifamily project,” says Davies.  

“Ultimately, we were able to identify a lender that recognized the potential in the growing neighborhood and in this future project, ultimately securing the financing our client needed.”

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

Jenn Quader / Miki Conant
Brower, Miller & Cole
(949) 955-7940


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