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| Gershwin Apartments, Hollywood, CA |
LOS ANGELES, CA – Commercial real estate
investment banking firm George Smith Partners has successfully secured $20.9
million in bridge financing on behalf of its client, Massie Capital and Glenn
& Shannon Dellimore for the $25 million acquisition of Gershwin Apartments, a 163-unit apartment community including 10,500
square feet of ground floor retail space located in Hollywood, California.
The bridge financing was arranged by George
Smith Partners Principal Shahin Yazdi.
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| Shahin Yazdi |
The property, a five-story
historic brick building constructed in 1927, was formerly known as the Gershwin
Hotel, which was redeveloped into an apartment community in 2013 by the
previous owner, CIM Group.
“Hollywood is an up and
coming area in the Los Angeles market,” said Yazdi. “This city has truly experienced a
revitalization in recent years, and is now seeing an influx of young
professionals seeking a trendy, urban lifestyle.”
The Gershwin Apartments
property is located on Hollywood and Western, an area that has been rapidly
growing and has had many new development projects in recent years, according to
Yazdi.
“This area of the city
offers tremendous potential for investors who want to capitalize on the
market’s trend towards urbanization,” he explained.
“Located less than one block from the Red
Line stop at Western Boulevard, the Gershwin Apartments were designed to
leverage current demand for urban product. The asset features a mix of small
units, including 105 efficiency units with kitchenettes that total less than
350 square feet each.”
For a complete copy of the company’s news release,
please contact:
Corynne Randel/ Jenn
Quader
Brower, Miller & Cole
(949) 955-7940
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