Latitudes at Silverlake condominiums rendering, Silver Lake, CA
LOS ANGELES, CA – Commercial real estate investment banking
firm George Smith Partners has successfully arranged the first non-recourse
construction loan for a townhome-style condominium development in Los Angeles
since the economic downturn in 2007, according to George Smith Partners’ Vice
President, Jonathan Lee.
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| Jonathan Lee |
The project, “Latitudes at Silverlake,” will consist
of 63 for-sale condominiums, including two-, three-, and four- bedroom floor
plans ranging in size from 1,300 to 1,900 square feet. The property will
feature a modern architectural design with roof top decks for select units, as
well as large common areas and a pool.
“This transaction indicates a turning point for the condo
market in the Los Angeles area, demonstrating a renewed confidence surrounding
the housing market and urban infill development,” says Lee. “We were successful in leveraging the highly
desirable location of the project in order to secure this unusual non-recourse
loan guarantee for our clients.”
 |
| Charles Tourtellotte |
The $11.8 million loan was secured by George Smith Partners
on behalf of a joint venture partnership between Los Angeles-based TAAG
Investment Management and a private equity fund. Lee was assisted by George Smith Partners’ Analyst, Shine
Cheng.
The financing will be used for the development of Latitudes
at Silverlake, a 63-unit, for-sale condominium project located in the Los
Angeles neighborhood of Silver Lake.
According to Lee, Silver Lake is one of the most highly
sought-after development sites in the City of Los Angeles.
 |
| Shine Cheng |
Charles Tourtellotte, President of TAAG Investment
Management explains, “The Southern California housing market is shifting.
For many years, the development community
was focused on for-sale, green field development. Today, infill development in dense, centrally located areas is
growing in popularity - a result of the Los Angeles population’s growing desire
to avoid lengthy daily commutes in and out of the City to employment.”
For a complete copy
of the company’s news release, please contact:
Corynne Randel/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
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