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| Zalmi Klyne |
LOS ANGELES, CA (July 17,
2017) – Commercial real estate investment banking firm Continental Partners has
successfully secured $9.7 million in permanent financing for Ten38 Lofts, a 32-unit, American
Institute of Architects award-winning multifamily property in the Koreatown
submarket of Los Angeles, California.
The financing was arranged by Continental
Partners Director Zalmi Klyne.
The sponsor, a private
multifamily investor, had requested a permanent loan to refinance an existing
construction loan for the property. Constructed in 2016, the multifamily
community offers spectacular 360° views from its rooftop garden, granting
visibility to the downtown skyline as well as the Westside, according to Klyne.
“Ten38 boasts a unique,
contemporary design unmatched in the Koreatown submarket,” explains Klyne, who
points to the building’s organic curves, floor-to-ceiling windows and balcony
views.
“Despite the compelling
design and immediate value of this property, concerns regarding potential
oversupply and projected vacancies in this submarket presented an initial
challenge. We were able to quickly overcome this challenge by demonstrating the
opportunity and investment potential of this exceptional asset.”
For a complete copy of the company’s news release,
please contact:
Elisabeth Manville / Katie
Kea
Brower, Miller & Cole
(949) 955-7940
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