Monday, July 24, 2017

George Smith Partners Arranges $21.6 Million in Financing for Ground-Up Luxury Condominium Development in Los Angeles, CA

New condo-retail development planned at 3400 Sunset Boulevard  in Silver Lake Neighborhood of Los Angeles, CA

LOS ANGELES, CA (July 24, 2017) – Commercial real estate investment banking firm George Smith Partners has successfully secured $21.6 million in ground-up construction financing for the development of 35 for-sale condominium units and 2,000 square feet of ground-floor retail space in the Silver Lake neighborhood of Los Angeles, California.

Jonathan Lee
The financing was arranged by George Smith Partners’ Managing Director Jonathan Lee. The property will be located at 3400 Sunset Boulevard.

The project, developed by a joint-venture between Barth Partners and Barry Leddy Developments, will be the first new luxury condominium development built in the Silver Lake submarket since the Recession, according to Lee.

“This new development will provide homebuyers with a rare opportunity to own in one of the hottest neighborhoods in Los Angeles,” explains Lee. “As the first new for-sale residences in this submarket in over a decade, this signature project faces limited competition and will be well-positioned to capitalize on the enormous demand for quality housing throughout the region.”

Given the high cost of single-family housing in Los Angeles, this development will provide new homebuyers with a more accessible option to own in this submarket. Per-square-foot prices for homes in Silver Lake jumped 20 percent in the last year, and the few for-sale condo units that have become available have sold out quickly, making these new residences an attractive alternative for buyers, according to Justin Barth, Founder of Barth Partners.

Justin Barth
“As home prices continue to climb, single-family home ownership is simply out of reach for the majority of residents in Silver Lake,” adds Barth. “Through this development, we are providing residents with brand new, highly-amenitized housing at a relatively affordable price point in one of the most desirable neighborhoods in Los Angeles.”

Lee remarks that Silver Lake’s access to employment centers, availability of mass-transit options, and proximity to downtown Los Angeles have attracted an influx of Millennials seeking housing options near neighboring amenities.

“The demand for walkability in urban settings is driving the creation of amenity-rich environments that offer a fully-integrated live/work/play experience,” continues Lee. “This condo development will cater to this demand by providing residents with convenient access to an abundance of restaurants, entertainment venues, and boutique retail shops, all within walking distance from the community.”

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

Miki (Conant) Akil / Katie Kea
Brower, Miller & Cole
(949) 955-7940

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