 |
| Patrick Burger |
HFF worked on behalf of the borrower, a joint venture between
NextGen Apartments, LLC and Hanover Financial, LLC to arrange the fixed-rate
acquisition and renovation loan through a life insurance company.
5008 and 5060 Hazeltine contain two one-bedroom units and 34
two-bedroom units averaging 1,044 square feet along with a total of 36 covered
parking spaces.
The properties are
located just north of Highway 101 and just east of Interstate 405 in the San
Fernando Valley.
 |
| Bharat Madan |
Additionally, the
properties are situated directly across from the Van Nuys/Sherman Oaks Recreation
Center and within a mile of additional lifestyle amenities, including Westfield
Fashion Square, Notre Dame High School, Van Nuys Middle School and Sherman Oaks
Hospital.
“Our joint venture seeks value-add multi-family opportunities
throughout Southern California that require significant repositioning through
improved property management and capital improvement,” said Steven Ludwig,
co-founder of NextGen Apartments, LLC.
 |
| Steven Ludwig |
Holliday GP Corp. ("HFF") is a real estate broker licensed
with the California Department of Real Estate, License Number 01385740.
About NextGen Apartments
NextGen Apartments, LLC is a vertically integrated real estate investor
and operator based in El Segundo, California, with an additional office in San
Diego.
Founded in 2002 by Steven Ludwig, Eric Freedman, James Killian and Jerry Baker, NextGen focuses on value-add investing of multi-family and commercial properties in Southern California. Since inception, the firm has invested in approximately $1 billion of real estate projects.
Founded in 2002 by Steven Ludwig, Eric Freedman, James Killian and Jerry Baker, NextGen focuses on value-add investing of multi-family and commercial properties in Southern California. Since inception, the firm has invested in approximately $1 billion of real estate projects.
About Hanover Financial
Hanover Financial, LLC is a fiduciary real estate capital manager based
in Los Angeles with an additional office in the San Francisco Bay Area.
Founded in 1999, Hanover’s niche is providing equity capital to local and
national developers and operators of real estate to facilitate the acquisition,
repositioning and/or development of multi-family and net lease properties.
CONTACTS:
PATRICK BURGER
CA Lic. #01820848
HFF Managing Director
(858) 552-7690
OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403
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