Saturday, August 15, 2015

HFF closes $11.5 million sale of and arranges $7.27 million financing for 49-unit apartment community in Los Angeles area


Villa Toscana Apartments,  20918 Gresham Street Canoga Park, CA

Blake Rogers
LOS ANGELES, CA – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $11.5 million sale of and arranged $7.27 million in financing for Villa Toscana, a 49-unit, Mediterranean-style apartment community in Canoga Park, California.

HFF marketed the property on behalf of the seller, a joint venture between Pacific Crest Realty and a private equity investment partner.

The property was purchased free and clear of existing debt by Gresham Villa Toscana, LLC, a new entity controlled by Plutsky Limited Partnership. 

HFF worked on the buyer’s behalf to place the five-year, fixed-rate, 20-year term acquisition loan with Freddie Mac’s small balance loan program at a rate of 2.88 percent.

Villa Toscana is located at 20918 Gresham Street in the San Fernando Valley approximately 27 miles northwest of downtown Los Angeles.  

Completed in 2003, the non-rent controlled property features one-, two- and three-bedroom units averaging approximately 960 square feet each. 

Marc Schillinger
The community features a swimming pool, fitness center, courtyard area, assigned garage parking and gated access.  

The asset provides nearby access to two of Los Angeles County’s largest shopping malls – Westfield Topanga and Westfield Promenade – as well as the soon-to-be-completed $350 million Westfield Village lifestyle center, which will connect the two existing malls.

The HFF investment sales team representing the seller was led by director Blake Rogers.

HFF’s debt placement team representing the buyer was led by director Marc Schillinger.

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

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


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