Monday, July 17, 2017

Continental Partners Secures Permanent Financing for Award-Winning Multifamily Asset in Los Angeles, CA

Zalmi Klyne
LOS ANGELES, CA (July 17, 2017) – Commercial real estate investment banking firm Continental Partners has successfully secured $9.7 million in permanent financing for Ten38 Lofts, a 32-unit, American Institute of Architects award-winning multifamily property in the Koreatown submarket of Los Angeles, California. 

The financing was arranged by Continental Partners Director Zalmi Klyne.

The sponsor, a private multifamily investor, had requested a permanent loan to refinance an existing construction loan for the property. Constructed in 2016, the multifamily community offers spectacular 360° views from its rooftop garden, granting visibility to the downtown skyline as well as the Westside, according to Klyne.

“Ten38 boasts a unique, contemporary design unmatched in the Koreatown submarket,” explains Klyne, who points to the building’s organic curves, floor-to-ceiling windows and balcony views.

“Despite the compelling design and immediate value of this property, concerns regarding potential oversupply and projected vacancies in this submarket presented an initial challenge. We were able to quickly overcome this challenge by demonstrating the opportunity and investment potential of this exceptional asset.”

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

Elisabeth Manville / Katie Kea
Brower, Miller & Cole
(949) 955-7940

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