HFF announces acquisition financing for two Los Angeles-area apartment buildings

 

Patrick Burger

SAN DIEGO, CA –– HFF announces financing for the acquisition of 5008 and 5060 Hazeltine Avenue Apartments, two apartment buildings totaling 36 units in the Sherman Oaks neighborhood of Los Angeles, California.

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

The HFF debt placement team representing the borrower was led by managing director Patrick Burger and associate Bharat Madan.

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.

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

pburger@hfflp.com

OLIVIA HENNESSEY

HFF Public Relations Specialist

(713) 852-3403

ohennessey@hfflp.com

http://www.hanoverfinancialllc.com