LOS ANGELES, CA – HFF announced today that it has secured a $34.5 million participating/construction loan for the bw (top left photo), a 78-unit, luxury multi-housing development at Barrington and Wilshire in West Los Angeles.
Working on behalf of California Landmark, HFF placed the loan with a pension fund advisor. The non-recourse loan has a term of 12 years, inclusive of a 29-month construction period. The loan features a low current coupon plus a split of cash flows to lender and sponsor during the term and at maturity.
The bw is located at 11669 Wilshire Boulevard at the northeast corner of Wilshire and Barrington in the Brentwood neighborhood of West Los Angeles, close to the 405 Freeway.
The six-story property will have one- and two-bedroom units averaging 949 square feet each plus 2,000 square feet of ground floor retail space. Community amenities will include a two-level underground parking garage, fitness center, roof deck with a tree and fire pit, conference center and concierge service.
The HFF team representing California Landmark was led by senior managing director Paul Brindley (middle right photo), managing director Todd Sugimoto (lower left photo), and co-head of HFF’s national multi-housing investment sales group Sean Deasy.
California Landmark is a medium-size real estate company formed in 1988 for the purpose of investing in residential and commercial projects. The company has expertise in acquiring, rehabilitating, developing and financing all core product types.
Over the last 20 years they have been involved in most residential product types including single family, multifamily and senior housing projects. California Landmark’s commercial experience includes flex industrial, office and retail developments.
Contacts:
PAUL BRINDLEY KRISTEN MURPHY
HFF Senior Managing Director HFF Associate Director, Marketing
(310) 407-2100 (713) 852-3500
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